Financial services activities questionnaire
28 June 2017
We have emailed the COLP at every firm about whether or not you carry on financial services activities for clients as part of your legal work.
Any firm that does this under our regulation through an exemption needs to tell us about what they do so we can provide accurate information to the Financial Conduct Authority (FCA). This information feeds into a register maintained by the FCA.
We normally ask you to confirm whether or not you carry on these activities at PC renewal time. However, the FCA wants us to collect more detailed and robust information on what you do.
If you do provide financial services activities, being on the FCA register is important. Other businesses - such as lenders or credit agencies - might refuse to work with a firm if they cannot verify that they are regulated or exempt to carry out such activities.
It is important that the FCA has the right information about you. Some firms do not realise that what they are doing includes work that is regarded as a financial services activity. It's a complex area and the information has to be correct, so we have provided guidance that will help.
What if you don't carry on financial services activities?
Even if you still think you do not carry on financial services activities, we would like you to complete the questionnaire so that our records are complete. The average time taken to complete the questionnaire if you are telling us you do not carry out financial services activities is currently around three-and-a-half minutes.
If you tell us that you do not carry on any financial services activities, you will be removed from the FCA register.
Help with the process
You can access our guidance here. It includes a list of the questions we ask when you complete the questionnaire. These questions are worth looking at before you start, so that you know what information you might need ahead of time, for example if you are already on the FCA register or not. You can also think about the kinds of financial services activities you carry on, because if you say that you do, we need you to tell us what they are.
If you need any help with the questionnaire when you complete it, call our Ethics Guidance helpline.
If you need help to get into the questionnaire, call our Contact Centre.
Please report this information through our questionnaire.