Preparing a will for a client is not considered a regulated activity under the FSMA. Activities such as selling investments during estate winding-up, buying shares on behalf of a client, advising on investments, and arranging for a stockbroker to buy trusts are regulated activities under the FSMA. These activities require FCA authorisation if performed as part of the firm’s services. 

Key Point: This question assesses the understanding of regulated and non-regulated activities under the FSMA. Knowing which activities require FCA authorisation is essential for ensuring legal compliance and avoiding unauthorised practice.