Service and competence

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You are reading current version in effect from 25 November 2019

Guidance

Law firms carrying on insurance distribution activities

This guidance explains key changes introduced by the Insurance Distribution Directive (IDD).

Tax avoidance your duties

Solicitors and firms advising clients about tax, or handle client matters of tax affairs, schemes or arrangements. It is important that you are aware of these arrangements.

Money laundering and terrorist financing suspicious activity reports

This notice highlights warning signs of suspicious transactions; you should be aware of the warning signs, and they may require you to take action in order to avoid committing a criminal offence or breaching your professional obligations under the SRA Handbook.

Competence standard service

This guidance focuses on our approach to investigating individuals and firms when the level of competence and standard of service falls below what we would expect.

Glossary terms

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

manager

means:

  1. the sole principal in a recognised sole practice;
  2. a member of a LLP;
  3. a director of a company;
  4. a partner in a partnership; or
  5. in relation to any other body, a member of its governing body