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Published by a LexisNexis Financial Services expert

What does Authorised professional firm mean?

A professional firm which is an authorised person.

View the related practice notes about Authorised professional firm

General reporting requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU.Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime.This document contains guidance on subjects impacted by these changes.Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.Following amendments to the Financial Services and Markets Act 2000 (FSMA 2000) made by the Financial Services Act 2012, the Financial Services Authority ceased to exist and its functions were split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Financial Services and Markets Act 2000 (PRA-regulated Activities Order) 2013, SI 2013/556 specifies the activities that are PRA-regulated activities. Accordingly, the PRA is responsible for the authorisation and prudential regulation of firms that carry on PRA-regulated activities. PRA-authorised firms are dual-regulated in that they are also subject to regulation by the FCA for conduct...

Financial Ombudsman Service—compulsory jurisdiction

The compulsory jurisdiction of the Financial Ombudsman Service (FOS) is defined in Chapter 2 of the Financial Conduct Authority (FCA) Dispute Resolution: Complaints Sourcebook (DISP), in rules made pursuant tosection 226 of the Financial Services and Markets Act 2000 (FSMA 2000), which provides that a complaint which relates to an act or omission of a person (the respondent) in carrying on an activity to which compulsory jurisdiction rules apply should be dealt with under the FOS scheme, providing certain conditions apply.Those conditions are that:•the complainant is eligible and wishes to have the complaint dealt with under the FOS scheme•the respondent was an authorised person at the time of the act or omission to which the complaint relates, and•the act or omission to which the complaint relates occurred at a time when compulsory jurisdiction rules were in force in relation to the activity in questionThe compulsory jurisdiction rules are rules made by the FCA (in DISP 2) for the purposes of FSMA 2000, s 226, specifying the activities to which compulsory...

Discover our 7 Practice Notes on Authorised professional firm

Are MDPs a viable structure in the legal market?

Practice Compliance analysis: Will the Solicitor Regulation Authority’s (SRA) review of its approach to authorising multi-disciplinary practices (MDPs) as alternative business structures (ABSs) succeed in its aim of preventing them being stifled? Ian Muirhead, director at SIFA Professional Services, comments on the review and highlights the regulatory and compensation issues.

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Internal Liquidity Adequacy Assessment

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'); $('.cs_maintext2 a').remove() $('.cs_maintext2').append('GET CERTIFIED') } else { var retrievedSegment = localStorage.getItem('Ln_DB'); if (retrievedSegment != null && retrievedSegment != '' && retrievedSegment != undefined) { var lnDB = JSON.parse(retrievedSegment); var userCompany = lnDB["Company_Name"]; if (userCompany.toLowerCase().indexOf("university") > -1 || userCompany.toLowerCase().indexOf("college") > -1) { //change the header $('h4.glossary').text(userCompany + " GLOSSARY"); //remove trial from light house $('.button_grp .trailbtn').remove() //change section CTa to GET CERTIFIED $('.takefreetrialbtn a').remove(); $('.takefreetrialbtn').append('GET CERTIFIED') //change bottom CTA $('.freetrail_bottomtext .bottom_text').text("Quickly access all the law you need with our modern user-friendly tools. Develop your legal knowledge so you’re ready for the working world."); $('.takefreetrail_main button').remove(); $('.takefreetrail_main').append('Existing user? Sign-in'); $('.takefreetrail_main').css('width', 'fit-content'); //change RHS CTA $('#floating-rhs-cta').remove(); $('.rhs_side').append('

'); $('.cs_maintext2 a').remove() $('.cs_maintext2').append('GET CERTIFIED') } } } } $('#accordion').on('hidden.bs.collapse', function () { $('#defaultdiv').show("50"); }); $('#accordion').on('shown.bs.collapse', function () { $('#defaultdiv').hide("0"); }); if (window.matchMedia("(max-width: 767px)").matches) { if (!($('.desktop-30').length > 0) ) { $('.sub-titles').hide(); } else { } } var countOfDocs = 7 + 0 + 0 + 1 + 0 + 0; if (countOfDocs > 0) { $('#total-doc-number').text(countOfDocs); } const url = "https://plus.lexis.com/api/document/collection/uk/id/57Y6-14B1-DXRG-72VH-00000-00?context=1001073"; const parseResult = new DOMParser().parseFromString(url, "text/html"); const parsedUrl = parseResult.documentElement.textContent; const title = "authorised-professional-firm"; var utmParam = "?utm_source=psl_da_mkt&utm_medium=referral&utm_campaign=" + title; if (parsedUrl.indexOf('?') > -1) { utmParam = "&utm_source=psl_da_mkt&utm_medium=referral&utm_campaign=" + title; } var isArchived='False'; if (isArchived == 'True') { $("#login-psl").attr("href", parsedUrl + utmParam); $("#login-student-cta").attr("href", parsedUrl + utmParam); $("#login-student-rhs-cta").attr("href", parsedUrl + utmParam); $("#HDR-SP-SIGN-IN").attr("href", parsedUrl + utmParam); $(".signBtn.btn-popupArchived").attr("href", parsedUrl + utmParam); } else { $("#login-psl").attr("href", parsedUrl + utmParam); $("#login-student-cta").attr("href", parsedUrl + utmParam); $("#login-student-rhs-cta").attr("href", parsedUrl + utmParam); $("#HDR-SP-SIGN-IN").attr("href", parsedUrl + utmParam); $(".signBtn.btn-popupArchived").attr("href", parsedUrl + utmParam); } }); var btn = document.getElementById('speaker'); speechSynthesis.cancel() var u = new SpeechSynthesisUtterance(); var synth = window.speechSynthesis; var voices = []; voices = synth.getVoices().sort(function (a, b) { const aname = a.name.toUpperCase(), bname = b.name.toUpperCase(); if (aname < bname) return -1; else if (aname == bname) return 0; else return +1; }); var isDaniel = voices.filter(x => x.name == "Daniel UK English Male"); if (isDaniel.length <= 0) { var v = voices.filter(x => x.name == "Google UK English Male"); if (v.length <= 0) { u.voice = voices[0]; } else { u.voice = v[0]; } } else { u.voice = voices[0]; } u.text = 'Authorised professional firm'; var t; u.onstart = function (event) { t = event.timeStamp; }; u.onend = function (event) { t = event.timeStamp - t; }; if (btn != null || btn != undefined) { btn.onclick = function () { speechSynthesis.speak(u); }; } //Set Timeout Function start setTimeout( function () { var isArchived='False'; if (isArchived == 'True') { document.getElementById("overlay").style.display = "block"; } }, 3000); //Set Timeout Function end

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Authorised professional firm Definition | Legal Glossary | LexisNexis (2024)