The Executry Practitioners (Scotland) Regulations 1997

s.003

General Principles

• Provide executry services with care, skill, independence, and client focus

s.004

Confidentiality

• Keep client communications confidential like a solicitor would

s.005

Fees

• Charge fair and reasonable fees for executry services

s.006

Tying-in

• Do not tie executry services to other financial products

s.007

Independent financial advice

• Inform clients of their right to independent financial advice

s.008

Duty to colleagues

• Do not mislead colleagues or break undertakings

s.009

Actual and potential conflicts between client and executry practitioner

• Avoid or cease actions where a conflict of interest with your client exists

s.010

Actual conflicts between clients

• Stop acting for clients when you have an actual conflict of interest

s.011

Potential conflicts of interest between clients

• Do not act for clients if a potential conflict of interest exists unless conditions met

s.012

Terms of engagement letter,

• Provide a terms of engagement letter before accepting executry instructions

s.013

Qualified person

• Designate a qualified person and ensure client can consult them

s.014

Information to clients

• Keep clients informed of progress on executry services

s.016

Records

• Keep proper records of all client exchanges

s.017

Avoidance of delay

• Provide executry services with reasonable expedition and do not delay due to unpaid fees

s.018

Undertakings

• Comply promptly with undertakings given to clients

s.019

Limitation of liability

• Do not limit or exclude liability for executry services

s.021

Clients' papers

• Hold client papers to order after services end

s.022

Client accounts

• Keep client money separate, in named interest-bearing accounts, and pay interest earned to the client

s.023

Operating client accounts

• Operate client accounts lawfully – only hold client money and follow withdrawal rules

s.024

Keeping records

• Keep detailed accounts and records of client money and dealings

s.025

Bridging loans

• Do not enter bridging loan arrangements that expose you to personal repayment liability

s.026

Money laundering

• Comply with Money Laundering Regulations for non-executry business

s.027

Borrowing from clients

• Do not borrow money from clients without specific exceptions

s.028

Audit requirement

• Arrange annual accountant audit of client money handling

s.030

Practical training

• Complete practical training before registering as an executry practitioner

s.031

Further training and study

• Maintain professional knowledge through further training

s.032

Amount of further training and study

• Complete further training based on hours worked each year

s.033

Nature of further training and study

• Complete training as a mix of group study and private study

s.034

Monitoring of further training and study

• Keep training records and send them to the Board annually

s.035

Complaints

• Consider and respond to written complaints about executry services

s.036

Satisfaction of Claims

• Maintain insurance or equivalent arrangements to cover claims