The Solicitors Regulation Authority (SRA) has published a consultation paper on changes to its regulatory arrangements to comply with the Insurance Distribution Directive (IDD).
SRA is a designated professional body under Part 20 of FSMA, which means SRA-authorised firms can carry out financial services activities which includes insurance distribution activities. Firms carrying on this work and in doing so are referred to as exempt professional firms.
SRA is proposing changes to the SRA Financial Services (Scope) Rules 2001 and the SRA Financial Services (Conduct of Business) Rules 2001, which govern the carrying on of financial services activities by exempt professional firms. These changes include:
- Registration requirements;
- Professional and organisational requirements;
- Conduct of business requirements;
- Information requirements; and
- Demands and needs of your client.
The consultation closes on 20 November 2017. FCA and Legal Services Board will be responsible for approving SRA’s rules.