SRA Samples
A solicitor acts for a client who is raising finance secured against his home to fund his new business.
The solicitor will be providing advice and preparing all the necessary documentation in connection with the mortgage. The client asks the solicitor to explain the key differences between a repayment mortgage and an endowment mortgage. Neither the solicitor nor his firm is authorised by the Financial Conduct Authority to carry on a regulated activity.
Can the solicitor give the explanation requested about the types of mortgages?
A solicitor acts for a client who is raising finance secured against his home to fund his new business.
The solicitor will be providing advice and preparing all the necessary documentation in connection with the mortgage. The client asks the solicitor to explain the key differences between a repayment mortgage and an endowment mortgage. Neither the solicitor nor his firm is authorised by the Financial Conduct Authority to carry on a regulated activity.
Can the solicitor give the explanation requested about the types of mortgages?
Yes, because the provision of generic advice is outside the scope of the Financial Services and Markets Act 2000.
C - Yes, because the provision of generic advice is outside the scope of the Financial Services and Markets Act 2000.
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