Examination Timing: 00H02M19S
Elizabeth Moore works for a large wills and probate firm and is frequently asked by clients for advice about investment trusts. Having specialised in this area for many years, Elizabeth has sufficient expertise to provide the specific, detailed advice her clients need.
Which of the following exclusions are not likely to apply to Elizabeth as a solicitor engaged in trust work?
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Your selected option: E
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The 'necessary' exclusion, the trustee exclusion, the 'absence of holding out' exclusion, and the 'authorised third party' exclusion could apply where a member of the firm acts as a trustee. However, giving generic advice in the context of trust work is unlikely to be applicable because advice will generally involve discussing specific investments in the estate. Therefore, the exclusion for giving generic advice only is not likely to apply.
Key Point: This question tests knowledge of the specific exclusions under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) relevant to solicitors providing investment advice in trust work. Understanding these exclusions helps ensure compliance and appropriate advice delivery.
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