UK Statutory Instrument SI 1997/316 United Kingdom

The Independent Qualified Conveyancers (Scotland) Regulations 1997

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person15 Trader8 Client3 Contractor2 Self-Employed Person2 Employer1 Employee1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties
Client — also bound by 62 other Acts
Contractor — also bound by 173 other Acts
Self-Employed Person — also bound by 80 other Acts
Employer — also bound by 682 other Acts
TULRCA 1992 72 duties
Employee — also bound by 189 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.003 General Principles Regulated
  • Provide professional conveyancing services with independence and client careAny Person
s.004 Confidentiality Regulated
  • Keep client communications confidential like a solicitor wouldEmployer
s.005 Fees Regulated
  • Charge fair and reasonable fees for conveyancing servicesAny Person
s.006 Tying-in Regulated
  • Do not tie conveyancing services to other services and disclose service independenceTrader
s.007 Independent financial advice Regulated
  • Advise clients of right to independent financial adviceTrader
s.008 Duty to colleagues Regulated
  • Do not mislead or break undertakings with colleagues; act with mutual trustAny Person
s.009 Actual and potential conflicts between client and independent qualified conveyancer Regulated
  • Cease acting for client if real or potential conflict of interest arisesTrader
s.010 Actual conflicts between clients Regulated
  • Cease to act if actual conflict arises between clientsTrader
s.011 Potential conflicts between clients Regulated
  • Do not act for clients if there is a potential conflict of interest unless exceptions applyAny Person
s.012 Terms of engagement letter, Regulated
  • Provide terms of engagement letter before conveyancing workContractor
s.013 Qualified person Regulated
  • Ensure conveyancing services are supervised and client knows who to contactAny Person
s.014 Acting for selling client Regulated
  • Advise selling client about negotiation restrictions after closing dateTrader
s.015 When acting for prospective purchasers Regulated
  • Advise purchasers and decline unauthorised revised offers after closing dateAny Person
s.016 Information to clients Regulated
  • Keep clients informed of conveyancing progressClient
s.018 Records Regulated
  • Keep proper records of all client exchangesTrader
s.019 Avoidance of delay Regulated
  • Provide conveyancing services without unreasonable delayContractor
s.020 Undertakings Regulated
  • Honour all undertakings you give during conveyancing servicesClient
s.021 Limitation of liability Regulated
  • Do not limit or exclude liability for conveyancing servicesAny Person
s.023 Clients' papers Regulated
  • Hold client's papers after conveyancing service endsAny Person
s.024 Client accounts Regulated
  • Keep client money separate and in designated interest-bearing accountsAny Person
s.025 Operating client accounts Regulated
  • Operate client accounts correctly – only hold client money, handle mixed payments, withdraw only with proper authority, avoid overdrafts, and rectify wrongful …Any Person
s.026 Keeping records Regulated
  • Keep detailed client money records for 10 yearsAny Person
s.027 Bridging loans Regulated
  • Notify your lender about each client before drawing down a bridging loanAny Person
s.028 Money laundering Regulated
  • Comply with money laundering rules for all your businessTrader
s.029 Borrowing from clients Regulated
  • Do not borrow money from your client except in limited circumstancesAny Person
s.030 Audit requirement Regulated
  • Arrange an audit of client money accounts and send report to the BoardClient
s.031 Further Training and Study Regulated
  • Undertake annual further training and study to maintain professional standardsAny Person
s.032 Amount of further training and study Regulated
  • Undertake further training and study based on hours workedSelf-Employed Person
s.033 Nature of further training and study Regulated
  • Complete required professional development with group and management skills trainingSelf-Employed Person
s.034 Monitoring of further training and study Regulated
  • Keep training records and send them to the Board each yearEmployee
s.035 Complaints Regulated
  • Handle client complaints about conveyancing servicesAny Person
s.036 Satisfaction of claims Regulated
  • Maintain insurance or Board compensation to cover client claimsTrader
4 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation
s.017 Commissions
s.022 Withdrawal from transaction

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.