Rule changes

SRA Update Issue 1 – June 2007

FSA regulations

Since April 2007, the Financial Services Authority (FSA) has regulated home reversion plans (known as equity release schemes) and home purchase plans (Islamic financing arrangements).

The SRA has amended the Solicitors Financial Services (Scope) Rules 2001 to reflect this.

To learn more, visit sra.org.uk/financial-services—after 1 July.

Referral arrangements

Claims management companies now fall under new government regulation, and solicitors should only deal with appropriately regulated organisations.

You can check the status of an introducer at www.claimsregulation.gov.uk.

To ensure your referral arrangements are correct, click here.