Are you registered with the FSA or an EPF (Exempt Professional Firm)?

To Sell any insurance to a client you either need to be registered by the FSA or have EPF status.  It's best to check to see if you are registered and you can do that by checking the full FSA register here or EPF register here.

Anyone who carries out insurance mediation activities  (regulated activities under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO))  must either be authorised to do so by the FSA or fall within a number of exemptions.  This includes dealing in, arranging, assisting in the administration and performance of and advising on contracts of insurance.
Members of designated professional bodies such solicitors who are members of the Law Society do not have a requirement for authorisation if certain conditions are met (broadly, if the sale of insurance is incidental to the provision by the firm of its professional services) (section 327, FSMA). Despite the exemption, all professional firms that carry provide insurance to clients must be shown on the FSA's EPF register (article 94, RAO).

A solicitor firm will need to ensure that it also complies with the Solicitors' Financial Services (Conduct of Business) Rules 2001 (Solicitors' Rules) and the Solicitors' Financial Services (Scope) Rules 2001 which set out the extent of regulated activities that can be undertaken by solicitors.

What do you do if you are not on either register?
The Solicitors Regulation Authority (SRA) is responsible for registration and informs the FSA both of the firms carrying on Insurance Mediation Activities and the individuals within firms' management responsible for those activities.  Contact the SRA and advise that you wish to appear on the Exempt Professional Firm register. To contact the SRA click here.

For more information on a solicitor obligation or ATE Compliance issues see our the Law Link (ATE) Ltd website here.

Welcome to the ATE Insurance blog provided by Law Link ATE

Welcome to the ATE Insurance Blog provided  by Law Link

We aim to provide information on the UK ATE Insurance industry, useful case law, links and regulatory requirements for solicitors when dealing with ATE matters.