Insurance Mediation Activities - Mandatory requirement to be on the FCA EPF Register
Anyone who carries out insurance mediation activities (IMA) (that is, particular regulated activities under the Financial Services and Markets Act 2000 (FSMA)) by way of business, must either be authorised to do so by the FCA or fall within a number of exemptions. IMA includes dealing in, arranging, assisting in the administration and performance of and advising on contracts of insurance, such as indemnity title insurance.
Section 327 of FSMA exempts members of designated professional bodies (DPB) such as the Law Society from the requirement for authorisation to conduct IMA if certain conditions are met (broadly, that the IMA are incidental to the provision by the firm of its professional services).
Despite the exemption, all professional firms that carry on IMA must be shown on the FCA's exempt professional firms (EPF) register.
The Law firm's regulator (typically the SRA or CLC) is responsible for registration and informs the FCA both of the firms carrying on IMA and the individuals within firms' management responsible for those activities. A firm will need to ensure that it also complies with the Solicitors' Financial Services (Conduct of Business) Rules 2001 and the Solicitors' Financial Services (Scope) Rules 2001 which set out the extent of regulated activities that can be undertaken by solicitors under the Section 327 exemption.
To find out if your firm is registered go to: http://www.fsa.gov.uk/register/epfSearchForm.do
If you are a Solicitor send an email to the SRA at operations@sra.org.uk giving your firm's SRA number and the name and contact details of your firms FCA Compliance Officer, requesting that you be added. You will need to approve this information annually through the automated, online system where you renew your application.
If you are a Licensed Conveyancer send an email to the CLC at clc@clc-uk.org quoting your CLC number and the name and contact details of your firm's FCA Compliance Officer, requesting that you be added. You will need to approve this information annually, and if necessary, update this information in your annual application for your Licence and Certificate of Recognition, in order to remain on the register.
“We are not authorised by the Financial Conduct Authority. However, we are included on the register maintained by the Financial Conduct Authority so that we can carry on insurance mediation activity, which is broadly the advising on, selling and administration of insurance contracts. The relevant register is called the EPF register. This part of our business, including arrangements for complaints or redress if something goes wrong, is regulated by the Solicitors Regulation Authority (or Council for Licensed Conveyancers). The register can be accessed via the Financial Conduct Authority website.
The Law Society is a designated professional body for the purposes of the Financial Services and Markets Act 2000, but responsibility for regulation and complaints handling has been separated from the Law Society’s representative functions. The Solicitors Regulation Authority (or Council for Licensed Conveyancers) is the independent regulatory body [of the Law Society – delete if a CLC regulated firm] and the Legal Ombudsman is the independent complaints handling body established under the Legal Services Act, 2007".
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