PCon

Question 1

FSMA

Is land a specified investment under the provisions of FSMA?

Answer 1

No, land is not included in the FSMA provisions along with currency, tangible assets such as cars, boats etc even where these assets are purchased specifically as an investment

Question 2

MLR

How long should a firm retain records of a transaction to enable it to be reconstructed?

Answer 2

Firms must keep sufficient supporting records of a transaction to enable that transaction to be reconstructed for a period of 5 years following the completion of the transaction

Question 3

REG OF FIRMS

What are the reserved legal activities?

Answer 3

1. Exercise a right of audience (right to appear before/address any court)
2. Conduct of litigation (issue proceedings before any court)
3. Reserved instrument activities (preparing docs for transfer or charge of land)
4. Probate activities (preparing of probate papers - preparing a will is NOT a reserved activity)
5. Notarial activities
6. Administration of oaths

Question 4

REG ENV

Is legal advice on the merits of buying/selling particular investments a specified activity?

Answer 4

YES

To provide such advice a firm would have to be authorised by the FCA (or excluded/exempt)

Question 5

CONFLICT OF INTEREST

Can a solicitor ever act where they have personal relationships with both parties?

Answer 5

No, there are no exceptions which would allow a solicitor to act for either party where they have personal relationships with both