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CELE SQE1 模拟练习

Examination Timing: 00H00M01S

Mr. Roberts, a solicitor, acts for his client, Mr. Brown, who is raising finance secured against his home to fund his new business. Mr. Roberts will be providing advice and preparing all the necessary documentation in connection with the mortgage. Mr. Brown asks Mr. Roberts to explain the key differences between a repayment mortgage and an endowment mortgage. Neither Mr. Roberts nor his firm is authorised by the Financial Conduct Authority (FCA) to carry on a regulated activity. 


Can Mr. Roberts give the explanation requested about the types of mortgages?

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The provision of generic advice about the differences between a repayment mortgage and an endowment mortgage does not fall within the scope of the Financial Services and Markets Act 2000 (FSMA), which regulates specific financial activities. As Mr. Roberts is merely explaining the general characteristics of these mortgage types without giving personalised financial advice or recommending a specific financial product, this advice is considered to be outside the scope of FSMA. Therefore, he can provide this generic explanation to Mr. Brown without being authorised by the FCA. 


Key Point: This question examines the boundaries of regulated activities under the FSMA and the extent to which solicitors can provide generic financial information as part of their legal services. Understanding these boundaries is crucial for ensuring compliance with financial regulations while adequately advising clients.

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