SRA Financial Services Survey 2017
Solicitors may recall the SRA saying earlier this year that they would be delaying the Equality & Diversity Survey until later in 2017. This was due to the Authority needing to collect data from firms on Financial Services Activities. Normally they would do this at Practicing Renewal time, however the Financial Conduct Authority have asked the SRA to collect “more detailed and robust” information on firm’s financial services activities.
So, if you’re the COLP in the firm, you will most likely have received an email from the SRA about this, and asking you to complete a survey for their records.
It’s important to remember that a lot of firms do actually carry out Financial Services Activities under an exemption from the FCA as the work is incidental to the regulated services they offer. So for example, firms are carrying out Financial Services Activities if they;
· Arrange an indemnity insurance policy for a client buying a house if there is a defect on the title
· Managing securities or contractually based investments that are part of the assets of the estate in a probate matter
· Advising on debt linked to a matrimonial matter
Completing the survey means the COLP has to answer a series of questions about whether the firm carries out a myriad of Financial Services Activities.
Where a firm provides conveyancing services, they inevitably assist the client with title indemnity insurance, so the COLP in that case would have to tick the box indicating that the firm is involved in “carrying on insurance mediation” activities.
When answering “yes,” the COLP will then be asked to confirm the name and SRA number of the firm’s Insurance Mediation Officer, and then provide a declaration that the information provided is correct.
Just a reminder…firms who provide Insurance Mediation activities have to have a nominated Insurance Mediation Officer, and be registered on the Financial Services Register. If you’re the COLP and are not sure whether the firm is registered, then you can check this by visiting https://register.fca.org.uk/ and then searching the firm’s name.
Finally there is a deadline for survey completion, so make sure that it’s done before the deadline…