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Authorisation for consumer credit firms—checklist

Authorisation for consumer credit firms—checklist This checklist outlines the key points consumer credit firms must consider when going through the Financial Conduct Authority (FCA) application for authorisation. For more detailed information, see Practice Note: FCA authorisation of consumer credit firms. When will a consumer credit firm need to be FCA authorised? According to provisions in Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000), any firm (whether a business, a not-for-profit or a sole trader) carrying out one or more regulated activities in the UK must be authorised or registered by the FCA or the Prudential Regulation Authority (PRA). Failure to do so could lead to enforcement action. A firm must obtain a Part 4A permission if it carries on any of the following consumer credit regulated activities: • entering into a consumer credit agreement as lender • entering into a regulated consumer hire agreement as owner • operating an electronic system in relation to lending • credit broking • debt collecting • debt counselling • debt adjusting •...

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Payment of interest—regulatory requirements 2011 [Archived]

This Practice Note explains the SRA Accounts Rules requirements (rules 22 to 25) regarding interest on monies held in a client account.SRA Accounts Rules 2011Until 6 October 2011 the SRA Accounts Rules prescribed how firms should account to their clients and other third parties for interest on the money that was held on their behalf.From 6 October this changed. Although the SRA AR 2011 are almost entirely prescriptive, payment of interest is one area where the SRA has moved to an outcome-focused approach.The SRA AR 2011 make no distinction between interest earned on money held in a general client account and a separate designated client account (SDCA). This aligns the SRA AR 2011 with the Legal Services Act 2007.The previous prescriptive interest rules have been replaced with three basic requirements:• pay interest when it is fair and reasonable to do so in all the circumstances• pay a fair and reasonable sum over the whole period that the money is held• act fairly and provide sufficient information at the outset to...

New and updated content 2023—Practice Compliance [Archived]

New and updated content 2023—Practice Compliance [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. For more information, see subtopic: New and updated content in Practice Compliance. This Practice Note tells you, on a month-by-month basis, whether we have made substantive amendments to existing content or published new content in Practice Compliance in 2023. This content may have been added or amended to reflect regulatory changes or as part of our ongoing content development. December 2023 New or updated? Content Comments New Practice Note: Responding to a data subject access request—information identifying other individuals Content development New Practice Note: Responding to a data subject access request—protecting third party rights Content development Updated Practice Notes:—Designation of sanctions targets under the UN sanctions, UK sanctions and EU sanctions regimes—Financial sanctions—offences Updated for Russia (Sanctions) (EU Exit) Amendment (No. 4) Regulations 2023. Updated Practice Note: Sanctions regime—Russia Updated for The Russia (Sanctions (EU Exit) (Amendment) (No. 4) Regulations 2023 in relation to new reporting obligations for relevant firms...

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Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

Confidentiality and disclosure policy 2011 [Archived]

Confidentiality and disclosure policy 2011 [Archived] Confidentiality and disclosure policy 1 Policy statement 1.1 It is the policy of [firm name] (‘the firm’) to conduct its business in compliance with the highest professional standards. We are committed to acting professionally, fairly and with integrity in all our business dealings and relationships. This document describes our approach to maintaining confidentiality of client information. 1.2 The purpose of this policy is to: 1.2.1 set out our responsibilities and the responsibilities of those working for us, in maintaining confidentiality of client information 1.2.2 provide information and guidance on how to recognise and deal with maintaining confidentiality of client information 1.3 In this policy 'third party' means any individual or organisation with which you come into contact during the course of your work with the firm. This includes potential, current and previous clients, suppliers, distributors, business contacts, agents, advisors, and government and public bodies including their advisors, representatives and officials, politicians, and political parties. 2 Responsibilities 2.1 The [conflicts and...

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Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner?

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner? For the purposes of this Q&A, it is assumed that: • the relevant private fund limited partnership (PFLP) is established in England • the PFLP’s general partner is appointed as the relevant authorised person to manage the PFLP under the Financial Services and Markets Act 2000 (FSMA 2000) • the PFLP is a collective investment scheme (CIS) as defined in FSMA 2000, s 235 Limited liability status Where a limited partner of a PFLP also serves as the sole shareholder and director of the PFLP’s general partner (GP), this may have an impact on the limited liability status of the limited partner concerned. A key feature of limited partnerships, including PFLPs, is that their limited partners enjoy limited liability status, provided that such limited partners do not participate in the management of the limited partnership business. Where the limited partner in question is the sole shareholder and...

Are there procedures under English law for dealing with situations where a conflict arises between the interests of the limited partners of an English limited partnership and the general partner/investment manager/investment adviser of that same partnership? If not, how would a limited partnership cater for situations where any such conflict arises, eg in the limited partnership agreement?

Are there procedures under English law for dealing with situations where a conflict arises between the interests of the limited partners of an English limited partnership and the general partner/investment manager/investment adviser of that same partnership? If not, how would a limited partnership cater for situations where any such conflict arises, eg in the limited partnership agreement? Avoiding conflicts of interest is a component of a fiduciary duty that a limited partnership’s general partner owes to other partners in the partnership (or the investment adviser owes to its client, the partnership). Although the fiduciary duty is not codified, the Partnership Act 1890 (PA 1890) introduces certain statutory obligations on all the partners, including in PA 1890, s 30 a requirement not to carry on any business of the same nature or competing with the partnership and accounting to the partnership for any profits made in connection with such similar/competing business. For further information, see Practice Note: The nature of a limited partnership and its legal framework—Relationship between...

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Mansion House Speech 2024—key Pensions announcements and views from the market

In the Mansion House Speech 2024, delivered on 14 November 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, announced that the government’s key priority is to increase investment in the UK economy, thereby improving economic growth. The government aims to boost the efficiency and capacity of the UK’s economy by working in partnership with businesses and specifically, with the financial services sector. Through the government’s reformed Office for Investment, there will be a proactive approach to working with investors to ensure capital is directed to the UK’s biggest growth opportunities. The Chancellor has set out wide-ranging government plans, focused on attracting investment from across the world and increasing private investment in the UK to grow the economy. Alongside economic stability and higher levels of investment, the government also wants to deliver the reforms needed to support growth. The Chancellor outlined a need for a ‘rebalance’ of the system – retaining important protections but pushing for growth and investment.

Lloyd’s sued for US$3.7m over cargo ship damaged in Ukraine

Law360: An investment and wealth advisory business has sued Lloyd's of London's Belgian unit for over US$3.7m to cover its alleged losses after a cargo ship was damaged by a mine strike in Ukraine.