top of page
Review Your SQE 1 Practice Records

Examination Timing: 00H00M01S

You advise a client, Mr. Andrews, regarding estate planning matters, and he decides to take out a whole life policy. You refer Mr. Andrews to a suitable independent financial adviser (IFA), who provides competent advice. The IFA sends you £19.99 commission, which you inform the client about. Which of the following statements is the most accurate?

< Previous

You have chosen the incorrect answer.

Next >

According to 01.15 of the SRA Code of Conduct, solicitors must account to their clients for any commission received, regardless of the amount. Therefore, even a commission of £19.99 must be disclosed and accounted for. Options A and E are incorrect because there is no de minimis threshold for accounting for commissions. Option B is incorrect as the requirement to account for commission applies regardless of the specific arrangement. Option C is also incorrect because the rule applies to all types of commissions from investment-related business. 


Key Point: This question evaluates understanding of the SRA Code of Conduct's requirements regarding commission disclosure and accountability in the context of financial referrals and investment-related business.

Collect Question

userContent

Study CELE SQE.png
CELE SQE PASS wishes from Lucky Lion_

Ai Content

bottom of page