Legal Services

Question 1

If a solicitor sends somebody to a stockbroker to get advice and gets an introduction fee, and following the advice, the client asks the solicitor to arrange for the sale of the shares, has the solicitor breached the general prohibition against carrying on a regulated activity?

Answer 1

Yes. The authorised persons exclusion is not available if the solicitor received payment from the authorised person.

Question 1

Can a solicitor without any authorisation arrange for a client to purchase Premium Bonds?

Answer 1

Yes. As Premium Bonds are not specified investments.

Question 2

If a client who has a conditional fee arrangement is unsuccessful, what must they pay?

Answer 2

A client with a conditional fee arrangement whose case is unsuccessful only need to pay the other side’s costs and disbursements and their disbursements.