The trustee/PR exclusion applies when the solicitor is remunerated by the client for regulated investment activities, as long as the solicitor does not receive additional remuneration beyond what is received for trustee or PR services. The investment work must be included within the overall bill for the trustee or PR services and not billed separately. This ensures the solicitor is not being 'additionally remunerated' for the investment management duties.

Key Point: This question tests the application of the trustee/PR exclusion under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Understanding this exclusion helps ensure that solicitors properly manage billing and remuneration in the context of providing investment services while acting as a trustee or PR.