UK Statutory Instrument SI 1997/317 United Kingdom

The Executry Practitioners (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 Person23 Client5 Trader3

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
Client — also bound by 62 other Acts
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

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 executry services with care, skill, independence, and client focusAny Person
s.004 Confidentiality Regulated
  • Keep client communications confidential like a solicitor wouldAny Person
s.005 Fees Regulated
  • Charge fair and reasonable fees for executry servicesTrader
s.006 Tying-in Regulated
  • Do not tie executry services to other financial productsAny Person
s.007 Independent financial advice Regulated
  • Inform clients of their right to independent financial adviceAny Person
s.008 Duty to colleagues Regulated
  • Do not mislead colleagues or break undertakingsAny Person
s.009 Actual and potential conflicts between client and executry practitioner Regulated
  • Avoid or cease actions where a conflict of interest with your client existsAny Person
s.010 Actual conflicts between clients Regulated
  • Stop acting for clients when you have an actual conflict of interestAny Person
s.011 Potential conflicts of interest between clients Regulated
  • Do not act for clients if a potential conflict of interest exists unless conditions metAny Person
s.012 Terms of engagement letter, Regulated
  • Provide a terms of engagement letter before accepting executry instructionsAny Person
s.013 Qualified person Regulated
  • Designate a qualified person and ensure client can consult themAny Person
s.014 Information to clients Regulated
  • Keep clients informed of progress on executry servicesClient
s.016 Records Regulated
  • Keep proper records of all client exchangesClient
s.017 Avoidance of delay Regulated
  • Provide executry services with reasonable expedition and do not delay due to unpaid feesClient
s.018 Undertakings Regulated
  • Comply promptly with undertakings given to clientsClient
s.019 Limitation of liability Regulated
  • Do not limit or exclude liability for executry servicesTrader
s.021 Clients' papers Regulated
  • Hold client papers to order after services endAny Person
s.022 Client accounts Regulated
  • Keep client money separate, in named interest-bearing accounts, and pay interest earned to the clientAny Person
s.023 Operating client accounts Regulated
  • Operate client accounts lawfully – only hold client money and follow withdrawal rulesAny Person
s.024 Keeping records Regulated
  • Keep detailed accounts and records of client money and dealingsAny Person
s.025 Bridging loans Regulated
  • Do not enter bridging loan arrangements that expose you to personal repayment liabilityAny Person
s.026 Money laundering Regulated
  • Comply with Money Laundering Regulations for non-executry businessAny Person
s.027 Borrowing from clients Regulated
  • Do not borrow money from clients without specific exceptionsAny Person
s.028 Audit requirement Regulated
  • Arrange annual accountant audit of client money handlingClient
s.030 Practical training Regulated
  • Complete practical training before registering as an executry practitionerAny Person
s.031 Further training and study Regulated
  • Maintain professional knowledge through further trainingAny Person
s.032 Amount of further training and study Regulated
  • Complete further training based on hours worked each yearAny Person
s.033 Nature of further training and study Regulated
  • Complete training as a mix of group study and private studyAny Person
s.034 Monitoring of further training and study Regulated
  • Keep training records and send them to the Board annuallyAny Person
s.035 Complaints Regulated
  • Consider and respond to written complaints about executry servicesAny Person
s.036 Satisfaction of Claims Regulated
  • Maintain insurance or equivalent arrangements to cover claimsTrader
5 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation
s.015 Commissions
s.020 Withdrawal from transaction
s.029 Educational qualifications

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