Reference Case Number: FOI8579
Freedom of Information: Right to know request:
Background to question:
1. Under article 89I of Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ("The Order"), advising a claimant or potential claimant, investigating a claim and representing a claimant, in relation to a financial services or financial product claim is a defined regulated activity.
2. Article 89N of The Order provides for an exclusion where activities defined under 89I are carried on by a:
a. legal practitioner;
b. Firm, organisation, or body corporate that provides the service through a legal practitioner; or
c. An individual who provides the service at the discretion, and under the supervision of a legal practitioner who is that individual's employer or fellow employee; or a director of a company or a member of a limited liability partnership, that provides the service and is that individual's employer.
Questions:
1. Is it the intention of the FCA to avoid dual regulation where law firms undertake Claims Management Activities?
2. What number of law firms, presently regulated by the Solicitors Regulation Authority ("SRA") are also regulated and authorised by the FCA for the purposes of undertaking Claims Management Activities in respect of financial services and products, as set out under article 89I?
3. Please provide a list of all law firms regulated by the SRA, who are also regulated by the FCA for the purpose of activities defined under Article 89I?
4. Has the FCA ever refused to authorise and regulate a law firm upon the basis that the firm in question is already regulated by the SRA? If so, please provide the number of such applications that have been declined.
5. Does the FCA, as part of the application for authorisation process for claims management activities, look at existing SRA authorisation / regulation as part of its consideration of any given application?
If yes, please confirm how regulation by the SRA impacts an application.
6. Has the FCA ever identified a law firm, regulated by the SRA, and proceeded to sanction that firm for failing to similarly apply for authorisation by the FCA. If so, how many law firm's regulated by the SRA has the FCA sanctioned for lack of FCA authorisation in carrying out claims management activities?