IPREG part 2 Flashcards
State Rule 9 (Relationships with Other Professionals) of the IPREG Rules.
Regulated persons should not communicate directly with any other party who to his knowledge has retained a registered person or other legally qualified person as a professional advisor to act in a matter except:
- to request the name and address of the other party’s professional advisor;
- where it would be reasonable to conclude that the other party’s professional advisor has refused or failed for no adequate reason either to pass on messages to their client or to reply to correspondence, and has been warned of your intention to contact their client direct;
- with that professional advisor’s consent; or
- in exceptional circumstances.
A regulated person should co-operate with a client and any new representative of the client to ensure the client’s interests are protected on any change of responsibility.
State Rule 10 (Fees) of the IPREG Rules.
Regulated persons’ fees must be justifiable.
State Rule 11 (Financial Matters) of the IPREG Rules.
Regulated persons shall ensure that their professional finances are managed appropriately.
Every regulated person must ensure that they have in place appropriate controls, procedure and records and also sufficient and appropriately qualified staff and/or other resources to ensure that clients always receive a high standard of service in relation to the management of client money.
In the event that a regulated person receives money from a client, other than by way of payment of fees or disbursements incurred but including money on account for fees or disbursements paid up front, they should ensure that such money is held on trust for the client in an account which is entirely separate from the regulated person’s or the firm’s professional business accounts.
In the event that money is held on trust for a client the registered person’s terms of business should deal with the issue of the ownership of the interest earned on the money held on behalf of a client.
Every regulated person must ensure they comply with all legislation pertaining to “money laundering” and “proceeds of crime”.
State Rule 12 (Complaints Handling) of the IPREG Rules.
Regulated persons in private practice must have an established procedure for dealing with complaints. Written details of the procedure must be available whenever a client requests them and a client should be informed in writing, when first engaging the registered person, that such a procedure for the resolution of a complaint exists.
Regulated persons in private practice must notify all clients of the right to complain to the Legal Ombudsman at the conclusion of the complaint process, the timeframe for doing so and full details of how to contact the Legal Ombudsman. Such notification must be in writing and be provided at the time of engagement or in the case of existing clients at the next appropriate opportunity. A similar notification must be provided to all such clients at the conclusion of any complaint process.
Should a complaint be made to the Legal Ombudsman or any other relevant ombudsman, regulated persons must give such ombudsmen all such assistance requested by them in connection with the investigation, consideration or determination of complaints under the relevant ombudsmen scheme, as they are reasonably able to give, and must comply with any order made by such ombudsmen.
Regulated persons in private practice must keep records of all complaints received and the outcomes of their complaints procedures in respect of such complaints. In this context a complaint means an oral or written expression of dissatisfaction which alleges that the complainant has suffered (or may suffer) financial loss, distress, inconvenience or other detriment.
State Rule 13 (Liens) of the IPREG Rules.
Regulated persons may exercise a lien over client papers and other materials belonging to a client only when and to the extent that the lien is available in law or the lien is an express term of business to which the client has agreed.
State Rule 14 (Duty to Act in the Interests of Justice) of the IPREG Rules.
Regulated persons exercising any right to appear before a Court or Tribunal or to conduct litigation must comply with their duties to the Court or Tribunal and act with independence in the interests of justice. Regulated persons exercising any right to appear before a court or to conduct litigation shall observe the Special Rules of Professional Conduct applicable to Litigation Practitioners.
State Rule 15 (Anti-Discrimination) of the IPREG Rules.
Regulated persons must not, in the conduct of their practice, unfairly or unlawfully discriminate against any person on grounds of race, religious belief, gender, sexual orientation, age or disability.
