L&C
LEGAL & CONTINGENCY
cci
commercial conveyancing insurance
Important Note
Information for solicitors who advise on and arrange insurance for their clients
as an incidental part of a property transaction
The Financial Services and Markets Act 2000 (the Act) made the Financial Services Authority (FSA)
the single statutory regulator of financial services business. Statutory regulation by the FSA of the
selling of insurance commenced from the 14 January 2005.
Solicitors who advise on or arrange contracts of insurance, such as defective title or search indemnity
policies, are deemed to be carrying on insurance mediation services under the Act and are thus subject
to the FSA regulations. However, under the designated professional body regimes, rather than being
overseen by the FSA, solicitors are overseen by the Law Society.
This in itself is not sufficient to allow you to advise on and arrange contracts of insurance:
•
your firm must be included on the FSA’s exempt professional firms (EPF) register;
or
your firm must be authorised by the FSA and included on the FSA register;
and
•
you will need to comply with the regulations laid down by the Law Society, or the FSA as applicable.
If your firm is not on the FSA register and has not registered as an EPF and you intend to carry
on insurance mediation services, you must contact the Law Society’s customer applications team
to request that your firm’s name is added to the EPF register. Their contact details are:
The Law Society, Ipsley Court, Berrington Close, Worcestershire B98 0DT
Telephone No. 0870 6062577
Email: [email protected]
Please note that if your firm is not on the EPF or FSA register, you cannot advise on or arrange
any contracts of insurance. If you were to do so you would be committing an offence.
Is your firm on the EPF register or the FSA register? You can check this on www.fsa.gov.uk/register/
If you require any further assistance please call us on 020 7397 4350.