BPP University College Of Professional Studies Limited (BPP)
BPP University College Of Professional Studies Limited
Professional Conduct & Regulation (PCR)
Summary
Summary Full PCR Exam Notes
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Course
Professional Conduct & Regulation (PCR)
Institution
BPP University College Of Professional Studies Limited (BPP)
Full notes on the entire PCR course at BPP with all relevant information from lectures, SGSs, reading, workbook. Complete with an easily accessible table of contents to help you locate every section quickly and easily in the exam.
,Table of Contents
INTRODUCTION............................................................................................................................................ 5
WHEN IS AUTHORISATION REQUIRED?.......................................................................................................................5
RESERVED LEGAL ACTIVITIES.....................................................................................................................................5
ELIGIBILITY OF AUTHORISATION................................................................................................................................5
RULES ON BEING A ‘SOLICITOR’................................................................................................................................6
COLPS AND COFAS........................................................................................................................................ 6
COLPS................................................................................................................................................................. 7
COFAS.................................................................................................................................................................8
WHO IS ELIGIBLE TO BE A FIRM’S COLP OR COFA?........................................................................................................8
SUPERVISION OF THE BUSINESS OF THE FIRM AS A WHOLE...........................................................................8
SUPERVISION OF CLIENT MATTERS.............................................................................................................................9
NEGLIGENCE AND BREACH OF CONTRACT AGAINST SOLICITORS....................................................................9
SOLICITOR’S NEGLIGENCE AND THE CODE....................................................................................................................9
INSURANCE OBLIGATIONS OF FIRMS............................................................................................................. 9
DISCIPLINERARY ACTION AGAINST SOLICITORS............................................................................................ 10
PROVIDING A POOR SERVINCE................................................................................................................................10
PROVIDING INADEQUATE PROFESSIONAL SERVICES......................................................................................................10
PROFESSIONAL MISCONDUCT.................................................................................................................................10
CONDUCT UNBEFFITING A SOLICITOR.......................................................................................................................10
WHO CAN THE CLIENT COMPLAIN TO?.....................................................................................................................10
COMPLAINTS TO THE LEGAL OMBUDSMAN................................................................................................................11
COMPLAINTS TO SRA & SOLICITORS DISCIPLINARY TRIBUNAL.......................................................................................12
SUPERVISION AND MANAGEMENT RESPONSIBILITIES..................................................................................13
ORGANISED CRIME: THIS CAN INVOLVE STEPS SUCH AS:..............................................................................................14
THE ROLE OF THE PROFESSIONAL ADVISER IN A MORTGAGE FRAUD................................................................................15
MORTGAGE FRAUD WARNING SIGNS.......................................................................................................................15
SECTION A: CODE OF CONDUCT................................................................................................................... 18
THE SRA PRINCIPLES (L1, P2-3).................................................................................................................... 18
THE PRINCIPLES...................................................................................................................................................18
CONFLICT BETWEEN THE PRINCIPLES........................................................................................................................18
DUTY TO THE COURT & PROFESSIONAL OBLIGATIONS..................................................................................................18
THE CODES (L1, P4-7).................................................................................................................................. 18
CODE OF CONDUCT FOR SOLICITORS (“CCS”)...........................................................................................................18
CODE OF CONDUCT FOR FIRMS (“CCF”)..................................................................................................................18
1
,CLIENT CARE AND SERVICE AND COMPETENCE (L1, P.7; CHAPTER 1)............................................................19
ACCEPTING INSTRUCTIONS.....................................................................................................................................19
CLIENT CARE....................................................................................................................................................... 19
COSTS STANDARDS IN CLIENT CARE LETTERS..............................................................................................................20
CLIENT MONEY AND ASSETS...................................................................................................................................20
COMPLAINTS, RE: CLIENT CARE LETTERS...................................................................................................................21
CONTENTS OF CLIENT CARE LETTER (L1, P12)...........................................................................................................21
TERMINATING A RETAINER.....................................................................................................................................21
EQUALITY AND DIVERSITY (CHAPTER 2)....................................................................................................... 22
CONFLICT OF INTERESTS (L1, P.14-20; CHAPTER 3).......................................................................................23
THE GENERAL RULE..............................................................................................................................................23
THE SUBSTANTIALLY COMMON INTEREST EXCEPTION (‘SCI’).........................................................................................23
THE ‘CLIENTS COMPETING FOR THE SAME OBJECTIVE’ EXCEPTION (‘CCSO’)....................................................................24
AVOIDING CONFLICTS FROM HAPPENING (L1, P.19)...................................................................................................25
CONFIDENTIALITY AND DISCLOSURE (L1, P.21-23; CHAPTER 4).....................................................................25
DUTY OF CONFIDENTIALITY (CCS/CCF 6.3)..............................................................................................................25
DUTY OF DISCLOSURE (CCS/CCF 6.4).....................................................................................................................25
DUTY OF CONFIDENTIALITY AND DISCLOSURE CONFLICTS..............................................................................................26
ADVERSE INTERESTS AND CONFIDENTIAL INFORMATION (CCS/CCF 6.5)........................................................................27
MAINTAINING TRUST AND ACTING FAIRLY (L1, P25-28; CHAPTER 10)..........................................................28
COOPERATION AND ACCOUNTABILITY (L1 P.29-30; CHAPTER 9)...................................................................29
DISPUTE RESOLUTION AND PROCEEDINGS BEFORE COURTS, TRUUNALS AND INQUIRIES (L1, P.30-31;
CHAPTER 5)................................................................................................................................................. 30
HOW MIGHT YOU MISLEAD THE COURT?..................................................................................................................31
OTHER IMPORTANT STANDARDS..............................................................................................................................31
RIGHTS OF AUDIENCE...........................................................................................................................................31
ARE YOU OBLIGED TO ATTEND COURT WITH YOUR CLIENT?..........................................................................................31
COMPLIANCE WITH BUSINESS SYSTEMS (L1, P.31-32; CHAPTER 4)...............................................................32
REFERRALS, INTRODUCTIONS AND SEPARATE BUSINESSES (CHAPTER 6)......................................................32
INTRODUCTIONS..................................................................................................................................................33
COMMISSION/INTRODUCTION FEES RECEIVED FROM THIRD PARTIES:..............................................................................33
General commissions:...................................................................................................................................34
Commission paid in relation to financial products:......................................................................................34
FEE SHARING AND REFERRALS.................................................................................................................................34
Rules regarding fee sharing and referrals:...................................................................................................35
BRIBERY.............................................................................................................................................................35
INTERNAL CONTROLS: OFFICERS RESPONSIBLE FOR POCA/MLR COMPLIANCE.....................................................................38
MLR – REGULATION 21 SCREENING, TRAINING & INDEPENDENT AUDIT.........................................................................38
ELEMENTS OF MONEY LAUNDERING.........................................................................................................................39
HOW IS A SOLICITOR AT RISK FROM MONEY LAUNDERING?..........................................................................................39
PART 7 OF THE PROCEEDS OF CRIME ACT 2002 (L2, P.4-10)..........................................................................39
DIRECT INVOLVEMENT OFFENCES (S.327-329) & DEFENCES........................................................................................39
‘Direct involvement’ or principal offences under PoCA:...............................................................................39
Defences to s.327-329..................................................................................................................................40
Meaning of ‘authorised disclosure’ and ‘appropriate consent’:..................................................................40
NON-DIRECT INVOLVEMENT OFFENCES & DEFENCES....................................................................................................41
Failure to disclose to nominated officer in reg sector (s.330 PoCA).............................................................41
Meaning of ‘know or (reasonably) suspect’ under s.330 PoCA....................................................................41
Work which falls under the regulated sector? (Schedule 9 PoCA)...............................................................42
Failure of nominated officer to disclose to NCA (s.331)...............................................................................42
Defences to s.330/331..................................................................................................................................42
TIPPING OFF (S.333A).........................................................................................................................................42
PENALTY FOR OFFENCES (S.334)............................................................................................................................43
PROTECTED DISCLOSURE....................................................................................................................................... 43
COMPLIANCE WITH THE MONEY LAUNDERING REGULATIONS (L2, P10-27)..................................................43
TO WHOM DO THE MLR RELATE (REGULATION 8).......................................................................................................43
RISK ASSESSMENT UNDER REGULATION 18...............................................................................................................44
WHAT STEPS DO THE MLR REQUIRE YOU TO TAKE AND WHEN? (REG 27).......................................................................45
WHAT CONSTITUTES A BUSINESS RELATIONSHIP? (REGULATION 4)................................................................................45
CDD REQUIRED IN RESPECT OF AN OCCASIONAL TRANSACTION.....................................................................................45
WARNING SIGNS FOR MONEY LAUNDERING AND TERRORIST FINANCING..........................................................................45
Jurisdictions with heightened risk of money laundering..............................................................................46
TIMING OF VERIFICATION......................................................................................................................................46
ONGOING MONITORING OBLIGATIONS.....................................................................................................................47
STANDARD CUSTOMER DUE DILIGENCE MEASURES (REG 28).......................................................................47
THE MEASURES................................................................................................................................................... 47
Beneficial owner...........................................................................................................................................47
‘NON-STANDARD’ CUSTOMER DUE DILIGENCE: ‘SIMPLIFIED’ OR ‘ENHANCED’ CDD......................................48
SIMPLIFIED DUE DILIGENCE (‘SDD’) (REGULATIONS 37 AND 38)..................................................................................49
SDD: Regulation 37(3) risk factors................................................................................................................49
SDD Process..................................................................................................................................................49
Discontinuation of SDD.................................................................................................................................50
ENHANCED DUE DILIGENCE (‘EDD’) (REGULATIONS 33 TO 35)....................................................................................50
EDD measures...............................................................................................................................................50
Assessment of risk........................................................................................................................................51
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