Examination Timing: 00H00M16S
You are approached by a corporate client who asks you to safeguard, administer, and manage their investments, which consist of non-retail investment products. You recommend an authorised third party (ATP) who can assist. The client seeks your advice about some of the investments that the ATP recommends, which you advise the client to avoid.
Under the SRA Financial Services (Scope) Rules 2001, which of the following statements is true?
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Your selected option: B
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Discretionary investment management services are allowed under the SRA Financial Services (Scope) Rules 2001 if the firm acts as a trustee or personal representative, and routine management decisions are made by an ATP, or decisions to enter transactions are made following ATP advice. Options A and E are incorrect because the rules do allow firms to safeguard and administer investments. Option C is incorrect because solicitors can provide negative advice. Option D is incorrect because solicitors are permitted to advise corporate clients on non-retail investment products.
Key Point: This question assesses the understanding of the permissibility of discretionary investment management services and safeguarding investments under the SRA Financial Services (Scope) Rules 2001.
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