Q. How can I check whether my firm is on the Financial Services Authority register?

A. The register is a public record available for inspection on the FSA Web site: www.fsa.gov.uk.


Solicitors working within the designated professional body regime (namely, those firms that are not authorised by the FSA to carry on mainstream investment business), who have asked the Law Society to forward their details to the FSA, will find their entry in the exempt professional firms register.


Solicitors must be on this register and appoint a compliance officer before they carry on insurance mediation activities. This is to comply with rule 5(6) of the Solicitors Financial Services (Scope) Rules 2001. It may be a criminal offence to carry on insurance mediation activities without being on this register.





Q. Can I introduce clients needing financial advice to third parties?


A. The Law Society's professional ethics guidance team has produced an information sheet called A guidance note for firms wanting to make financial services introductions and receive commissions. This can be viewed on the Society's Web site (use the site link on the home page to the financial services material or request a copy by e-mail from professional.ethics@lawsociety.org.uk).


This guidance note will help firms working within the designated professional body regime to understand the issues surrounding the introduction of clients to third parties for financial advice and services, and the payment of commission. It also contains a commentary on financial promotions.




Question of ethics is compiled by the Law Society's professional ethics guidance team. Send questions for publication to Austin O'Malley, the Law Society, Ipsley Court, Berrington Close, Redditch B98 0TD; DX 19114 Redditch