Legal Services Flashcards
What is direct discrimination
someone is treated less favourably because of a protected characteristic
What is indirect discrimination
someone is disadvantaged because of a protected characteristic
What is general harassment
unwanted conduct related to a protected characteristsic that has the effect of:
- violating a Peron’s dignity
- creating a hostile environment for a person
To consider:
- the effected person’s perception
- other circumstances
- whether it is reasonable for the conduct to have that effect
What is victimisation?
protects individuals who have complained / may complain
What is required by the disability provisions act?
make reasonable adjustments:
- to the way things are done
- physical features of a workplace
- providing extra aids/services
Once a disclosure is made to the MRLO when can you undertake a prohibited act?
- authorised by NCA;
- 7 working days (notice period) has passed since disclosure to NCA
- NCA refused consent during the notice period and the moratorium period of 31 days from the date of refusal has expired
What is required under standard customer due diligence for an individual?
- ID the customer
What is required under standard customer due diligence for a company?
- Company ID (info on Coy House)
- ID of beneficial owner (controls more than 25%)
- ongoing monitoring
When should enhanced customer due diligence be used?
- high risk of money laundering or terrorist financing
- high risk third countries
- correspondent relationships
- PEPs
- Complex transactions
- Unusually large transactions
What is involved in enhanced CCD?
- understand background and purpose of transaction
- get additional 3rd party verification
When might simplified CCD be carried out?
customer is low risk, e.g.:
- public administration
- finance or credit institutions
- listed companies
- low risk jurisdictions
or activity is low risk;
- life insurance with a low premium
- pensions
child trust funds
junior isa
When can CCD carried out by other solls etc. be relied upon?
- must obtain all info required to satisfy MLR
- must obtain a written agreement which:
- enables the third party to supply docs within 2 working days
- requires the third party to retain the documentation
Which third parties can CCD be relied upon?
- banks
- auditors
- insolvency practitioners
- accountants and tax advisers
- legal professionals
Is generic advice on investments (rather than advice on merits of specific investments) regulated?
No - so advice can be given on, say, meaning of shares held etc.
When can a solicitor advise on share sales?
where the shares include 50% or more of the voting rights.
Promoted only to;
- investment professionals
- HNW companies (Share cap of £35 or £500k + 20 members)
- HNW individuals
