Professional & Financial Services

Conduct and document affordability assessments for consumer credit

Before lending to a consumer, assess both their creditworthiness and whether they can afford the repayments without financial difficulty. A good credit score alone is not enough: verify income and spending in proportion to the size and length of the loan.

Relevant across several parts of this sector.

Handle consumer credit complaints and the Financial Ombudsman

Consumer credit firms must have written complaints procedures and send a final response within 8 weeks. The response must tell the customer they can refer the complaint to the Financial Ombudsman Service within 6 months.

Relevant across several parts of this sector.

Check if your business needs FCA authorisation

You need FCA authorisation if you carry on a regulated activity, such as consumer credit, insurance distribution or mortgage broking, by way of business in the UK. Doing so without it is a criminal offence, and applications often take six to twelve months.

Relevant across several parts of this sector.

Understand how the Consumer Duty applies to credit products

The Consumer Duty requires consumer credit lenders, brokers and debt collectors to deliver good outcomes for customers, going beyond the CONC rules. You must show your products offer fair value, and your board must review an annual report on customer outcomes.

Relevant across several parts of this sector.

Get FCA authorisation to carry on a regulated activity

If your firm carries on a regulated activity in the UK by way of business, it must have FCA permission before it starts, unless an exemption applies; doing so without permission is a criminal offence. Identify each regulated activity you need, then show you meet the threshold conditions.

Relevant across several parts of this sector.

Register a money service business or crypto-asset business for AML supervision

Before you trade, register for anti-money laundering supervision: with HMRC if you run a money service business such as money transfer or currency exchange, or with the FCA if you are a cryptoasset exchange or custodian wallet provider. Trading unregistered is a criminal offence.

Relevant to a specific activity in this sector.

Get authorised as a payment institution or e-money institution

If you provide payment services or issue electronic money in the UK by way of business, you must be authorised or registered by the FCA before you start; doing so without status is a criminal offence. Your status sets your capital and safeguarding duties.

Relevant to a specific activity in this sector.

Hire purchase and conditional sale agreements

Under hire purchase and conditional sale, the finance company owns the goods until the customer has paid everything. Once a customer has paid one-third of the total, the goods are protected and you cannot repossess them without a court order.

Applies if you lend money or let customers pay over time under a credit agreement

Comply with credit advertising rules

Every consumer credit advert must meet FCA rules. If it mentions an interest rate, including 0%, a payment amount, the number of payments or the cost of credit, you must also show the representative APR and other set information. Buy Now Pay Later is covered from 15 July 2026.

Relevant across several parts of this sector.

Comply with debt collection rules

When collecting consumer debts, as the original lender or a third-party collector, you must treat customers in financial difficulty with forbearance and due consideration. Follow CONC 7 at every stage, from arrears contact to default notices and court action.

Relevant across several parts of this sector.

Section 75 claims and connected lender liability

If a customer pays by credit card or other linked credit for a single item costing more than £100 and up to £30,000, the lender is jointly liable with the supplier for any misrepresentation or breach of contract. Section 75 does not cover debit cards, charge cards or buy now pay later.

Applies if you lend money or let customers pay over time under a credit agreement

Handle early settlement and withdrawal requests

Consumers can repay a regulated credit agreement early at any time, and you must send a settlement statement within 7 working days of a request. Separately, they can withdraw from most agreements within 14 days without giving a reason.

Applies if you lend money or let customers pay over time under a credit agreement

Understand property transaction taxes

Which tax you pay on business premises depends on where they are. England and Northern Ireland charge Stamp Duty Land Tax, Scotland charges Land and Buildings Transaction Tax and Wales charges Land Transaction Tax. Commercial and mixed-use purchases use non-residential rates, and returns are due within 14 or 30 days.

Relevant to a specific activity in this sector.

Pay Stamp Duty Land Tax (SDLT)

When and how to pay SDLT on property purchases in England and Northern Ireland, including rates, reliefs, and deadlines.

Relevant to a specific activity in this sector.

Pay stamp duty on shares

How to pay stamp duty or SDRT when buying UK company shares, including rates, exemptions, and the stamping process.

Relevant to a specific activity in this sector.

Insurer conduct and accountability rules

Your senior managers need approval under the Senior Managers and Certification Regime, and retail business must meet the FCA's Consumer Duty. In the home and motor markets, you must not charge renewing customers more than equivalent new customers.

Relevant to a specific activity in this sector.

Check your law firm's professional indemnity insurance before renewal

Your SRA-authorised firm must have replacement professional indemnity insurance in force from the day the current policy ends, with a participating insurer on the Minimum Terms and Conditions. Without it, a 30-day extended policy period is followed by a cessation period in which the firm can only finish existing work.

Relevant to a specific activity in this sector.

Get permission and meet the rules as an investment firm

Executing or arranging deals in investments for clients needs Part 4A permission from the FCA, or appointed representative status. You must then protect client money and assets under CASS, hold capital under the Investment Firms Prudential Regime, achieve best execution and report transactions. Running a trading venue needs separate authorisation.

Relevant to a specific activity in this sector.

Meet the rules for managing funds and portfolios

To manage client portfolios or investment funds you need FCA permission, then the regime for the funds you run: UCITS, or UK AIFM as a full-scope authorised manager with a depositary or a small registered manager. Larger asset managers also publish TCFD climate reports.

Relevant to a specific activity in this sector.

Meet your professional, scientific and technical regulatory duties

The titles patent attorney and registered trade mark attorney are protected by law, so you must register with IPReg before you use them and meet its ongoing obligations. Other professional, scientific and technical businesses do not need to register.

Relevant to a specific activity in this sector.

Insurance distribution and loss adjusting rules

If you distribute insurance — broking, advising on or arranging policies — or adjust losses and handle claims, your rules sit on top of the duties every regulated firm shares: the insurance distribution permission and conduct rulebook, demands-and-needs and product information duties, client money protections, professional indemnity cover, and the permissions and professional standards for loss adjusting and claims handling.

Relevant to a specific activity in this sector.

Professional indemnity insurance for law firms

Every SRA-authorised law firm must hold professional indemnity insurance that meets the SRA Minimum Terms, with cover of at least £3,000,000 per claim for companies and LLPs and £2,000,000 for sole practitioners and partnerships. When a firm closes, its last insurer must provide 6 years of run-off cover.

Relevant to a specific activity in this sector.

Tax, advertising and gifted products for content creators

Usually yes to both. If you are trading, free products you receive for posting count as income, and you must label any post about a gifted product as an ad.

Relevant to a specific activity in this sector.

Manage client money under SRA Accounts Rules

If your SRA-authorised firm holds money for clients or third parties, you must keep it in a separate client account, pay it in promptly, withdraw it only for permitted reasons, reconcile at least every five weeks and obtain an accountant's report within six months of each accounting period.

Relevant to a specific activity in this sector.

Respond to an SRA investigation of your law firm

When the SRA investigates your firm, respond promptly, accurately and in full: you must cooperate, and ignoring a statutory notice for information is an offence. Take specialist advice, preserve every record and meet each deadline. Outcomes range from no action to a fine, conditions or referral to the Solicitors Disciplinary Tribunal.

Relevant to a specific activity in this sector.

Set up your law firm's anti-money laundering programme

Law firms in England and Wales that do conveyancing, company or trust work, or hold client money fall within the Money Laundering Regulations 2017. You need a written firm-wide risk assessment, policies, client due diligence, a nominated officer, staff training and records, and you must report suspicions to the National Crime Agency.

Relevant to a specific activity in this sector.

COLP and COFA roles and reporting

Every SRA-authorised firm must have an SRA-approved COLP and COFA. The COLP oversees compliance with the SRA's rules and the COFA oversees client money. Both must keep breach records, report serious failures to the SRA promptly and make annual declarations.

Relevant to a specific activity in this sector.

Run a peer-to-peer lending or crowdfunding platform

Operating a loan-based (peer-to-peer) or investment-based crowdfunding platform needs FCA authorisation, and operating without it is a criminal offence. Loan-based platforms must also hold minimum capital, limit how they promote to investors, protect client money and keep arrangements to administer loans if the platform fails.

Relevant to a specific activity in this sector.

Run a technical testing or analysis laboratory

Running a testing, calibration, inspection or analysis laboratory is not itself licensed, but your results are usually accepted only if you hold UKAS accreditation. Some testing, notably asbestos sampling and clearance, is tied to a statutory regime with its own competence and accreditation requirements.

Relevant to a specific activity in this sector.

When legal professional privilege exempts you from SAR reporting

A solicitor need not report a money laundering suspicion based on information received in privileged circumstances, under section 330(6) of the Proceeds of Crime Act 2002. The exemption falls away if the information was given to further a criminal purpose, and declining to report still carries a tipping-off risk.

Relevant to a specific activity in this sector.

Client account reconciliation quick reference

Under the SRA Accounts Rules 2019, you must reconcile your client account at least every 5 weeks, comparing the bank statement, the client ledger balances and the cash book. Investigate any difference promptly, and keep reconciliation statements and working papers for at least 6 years.

Relevant to a specific activity in this sector.

Comply with SRA Price Transparency Rules

If your firm offers residential conveyancing, probate, motoring offences, employment tribunal claims, immigration, debt recovery or licensing applications, the SRA Transparency Rules require you to publish prices and service details for them on your website. The rules apply even if you handle such work only occasionally.

Relevant to a specific activity in this sector.

FCA authorisation for insurance brokers

To arrange, advise on or assist with insurance contracts in the UK, you need FCA authorisation as an insurance intermediary, with professional indemnity insurance, or must become an Appointed Representative of an authorised firm.

Relevant to a specific activity in this sector.

Apply for ABS licensing as an alternative business structure

If a non-lawyer will manage, own part of or significantly influence your law firm, it must be licensed as an alternative business structure under Part 5 of the Legal Services Act 2007. Every ABS must appoint a Head of Legal Practice and a Head of Finance and Administration.

Relevant to a specific activity in this sector.

Handle client complaints at your law firm

Every SRA-regulated law firm must have a written complaints procedure and tell clients about it, including how to reach the Legal Ombudsman. If you have not resolved a complaint within 8 weeks, the client can go straight to the Ombudsman, so appoint a handler who was not involved.

Relevant to a specific activity in this sector.

FCA consumer credit authorisation

If you lend to consumers, arrange credit, collect consumer debts or offer buy now pay later, you need FCA authorisation. Operating without it is a criminal offence, and agreements you make may be unenforceable.

Relevant across several parts of this sector.

Manage payment notices and stage payments on a construction contract

On a construction contract lasting 45 days or more you are entitled to stage payments. The payer must say within 5 days of each due date what it will pay, and can only pay less by serving a notice in time. If you are not paid, you can suspend work after 7 days' notice.

Relevant to a specific activity in this sector.

Refer a construction dispute to adjudication

If you are in a dispute under a construction contract, you can refer it to adjudication at any time. An adjudicator is appointed and gets your case within 7 days of your notice, and decides within 28 days. Both sides must comply with the decision unless a court or arbitrator later decides otherwise.

Relevant to a specific activity in this sector.

Building safety duties for designers

If you design buildings in England, the building regulations dutyholder and competence regime applies to you, and any project with more than one contractor needs a Principal Designer appointed in writing. On higher-risk buildings, designers also carry golden thread and gateway duties, with personal liability for failures.

Applies if you design construction work, or prepare or advise on designs others build from