Legal Services – Jacqueline Kempton (1)

However, the Act itself provides only a general framework, and the detail is in secondary legislation (mainly Orders in Council made by the Treasury), for example: (a) Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, $I 2001/544 (b) Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001, (c) Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, S| 2005/1529 (d) Financial Services and Markets Act 2000 (Prudential Regulation Authority-regulated Activities) Order 2013, S| 2013/556. Materials on financial services work include: (a) the SRA Financial Services (Scope) Rules (Scope Rules); (b) the SRA Financial Services (Conduct of Business) Rules (COB Rules).

Financial services regulatory structure The regulation of financial services is mainly in the hands of two bodies established under the Financial Services Act 2012: the Financial Conduct Authority and the Prudential Regulation Authority. In addition the Financial Policy Committee (a committee of the Bank of England) is responsible for monitoring the stability of the whole UK financial system.

The Financial Conduct Authority (FCA) The FCA undertakes market regulatory functions, including responsibility for the conduct of business regulation of all firms (such as solicitors’ firms), including dual-regulated firms, and for the prudential regulation of firms (ie their safety and soundness) not regulated by the Prudential Regulation Authority (known as FCA-authorised or FCA-only firms). The FCA is also responsible for the regulation of consumer credit and second charge mortgages secured over property.

The FCA is set the following objectives in FSMA 2000: (a) securing an appropriate degree of protection for consumers (the consumer protection objective); (b) protecting and enhancing the integrity of the UK financial system (the integrity objective); (c) promoting effective competition in the interests of consumers in the market, including for regulated financial services (the competition objective).

The FCA’s powers extend to being able to require firms to withdraw or amend misleading financial promotions with immediate effect and to block the launch of, or stop, a service or product.

© The University of Law 2022 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the copyright holder, application for which should be addressed to the publisher. Contains public sector information licensed under the Open Government Licence v3.0 First edition published 2021 British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library.

ISBN 978 1 915698 06 3 Preface This book is part of a series of Study Manuals that have been specially designed to support the reader to achieve the SQE1 Assessment Specification in relation to Functioning Legal Knowledge. Each Study Manual aims to provide the reader with a solid knowledge and understanding of fundamental legal principles and rules, including how those principles and rules might be applied in practice. This Study Manual covers the Solicitors Regulation Authority’s syllabus for the SQE1 assessment for Legal Services in a concise and tightly focused manner.

The Manual provides a clear statement of relevant legal rules and a well-defined road map through examinable law and practice. The Manual aims to bring the law and practice to life through the use of example scenarios based on realistic client-based problems and allows the reader to test their knowledge and understanding through single best answer questions that have been modelled on the SRA’s sample assessment questions. For those readers who are students at the University of Law, the Study Manual is used alongside other learning resources and the University’s assessment bank to best prepare students not only for the SQE1 assessments, but also for a future life in professional legal practice.

We hope that you find the Study Manual supportive of your preparation for SQE1 and we wish you every success. The legal principles and rules contained within this Manual are stated as at 1 June 2022.

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.

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