Other regulatory bodies—regulation of solicitors
Other regulatory bodies—regulation of solicitors

The following Practice Compliance practice note provides comprehensive and up to date legal information covering:

  • Other regulatory bodies—regulation of solicitors
  • Financial Conduct Authority (FCA)
  • Information Commissioner's Office (ICO)
  • UK General Data Protection Regulation (UK GDPR)
  • Privacy and Electronic Communications (EC Directive) Regulations 2003
  • Equality and Human Rights Commission (EHRC)

The solicitors’ profession is highly regulated. As well as the primary legal regulators, such as the Legal Services Board (LSB) and Solicitors Regulation Authority (SRA), a number of other regulatory and public bodies are relevant to the profession and its regulatory regime. This Practice Note explains the role of the Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO) and the Equality and Human Rights Commission (EHRC) in relation to the regulation of solicitors.

For information on the primary legal regulators, see Practice Note: Relationship between legal regulators.

Financial Conduct Authority (FCA)

The FCA is the single statutory regulator of the financial services industry in the UK. It derives its powers from the Financial Services and Markets Act 2000 (FSMA 2000). The FCA is operationally independent of government and is funded entirely by the firms it regulates.

The FCA Handbook is available online. The site contains all the rules and guidance issued by the FCA and various tools intended to make it easier to use the Handbook.

It is an offence for a firm to offer mainstream financial services unless they are:

  1. authorised by the FCA, or

  2. exempt

The penalty for breach is a maximum of two years' imprisonment or a fine.

Most firms regulated by the SRA will be exempt under FSMA 2000, Part XX. For the exemption to apply:

  1. the financial services provided must be within limits

Related documents:

Popular documents