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Review Your SQE 1 Practice Records

Examination Timing: 00H00M43S

You are approached by clients in respect of several personal pension schemes. You have specialist knowledge about these schemes but are not authorised by the FCA to provide advice on them. 


Which of the following best describes what the SRA Financial Services (Scope) Rules 2001 permit a solicitor to do?

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The Scope Rules permit solicitors to make arrangements for a client to buy retail investment products, including rights in a personal pension plan, on an execution-only basis. This means the solicitor can facilitate the purchase without providing advice. However, this does not apply to making arrangements in connection with a pension transfer or pension opt-out. Selling rights in a personal pension scheme is generally prohibited unless it is done under specific circumstances that do not apply here.


Key Point: This question evaluates understanding of the SRA Financial Services (Scope) Rules 2001 regarding the permitted activities for solicitors in relation to personal pension schemes and retail investment products.

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