Status disclosure

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Glossary terms

SRA Codes of Conduct

means the SRA Code of Conduct for Solicitors, RELs and RFLs and the SRA Code of Conduct for Firms

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

regulated financial services activities

means an activity which is specified in the Regulated Activities Order

contract of insurance

means (in accordance with article 3(1) of the Regulated Activities Order) any contract of insurance which is a long-term insurance contract or a general insurance contract

FCA

means the Financial Conduct Authority

SRA

means the Solicitors Regulation Authority

Legal Ombudsman

means the scheme administered by the Office for Legal Complaints under Part 6 of the LSA

insurance distribution activity

means any of the following regulated activities as specified in the Regulated Activities Order which are carried on in relation to a contract of insurance or rights to or interests in a life policy:

  1. dealing in investments as agent (article 21) 
  2. arranging (bringing about) deals in investments (article 25(1))
  3. making arrangements with a view to transactions in investments (article 25(2))
  4. assisting in the administration and performance of a contract of insurance (article 39A)
  5. advising on investments (except peer to peer agreements) (article 53(1))
  6. agreeing to carry on a regulated activity in (a) to (e) above (article 64).
ancillary insurance intermediary

has the meaning given in article 2(1)(4) of the IDD