Financial services law isn't just for banks and investment firms. A solicitor advising on a company sale, handling a client's investments, or arranging insurance can drift into regulated activity without ever intending to — and the rules catch a law firm in exactly the same way as any other business. Knowing where the line sits, and how to stay on the right side of it, is part of everyday practice.
This lesson builds that understanding from the ground up, so you can recognise regulated work when you see it and respond correctly.
What this lesson covers:
- The General Prohibition and Regulated Activities — the core rule, and the three elements that make an activity regulated.
- The Regulators — who oversees financial services, and where the SRA fits in for solicitors.
- Routes to Carrying On Regulated Activities Lawfully — the four ways a firm can do this work without breaking the rules.
- The Part XX Exemption for Professional Firms — the route designed for solicitors, and the conditions you must meet to use it.
- Key Exclusions in the RAO — when arranging or introducing falls outside regulation altogether.
- Consequences of Breach — the criminal, civil and regulatory fallout when the prohibition is breached.