Role of FCA?

[HateInjustice]

Hi, if anyone can answer my query, I would be grateful:

If a Legal Advisory Services company is reported to the FCA for malpractice, what would be the outcome/benefit to the person reporting them?

ie: would the FCA simply target the company, advise them how to conduct themselves, fine them, give them a warning, or would there be scope for compensation to the reportee who has suffered due to the firm's incompetence?

This is not in relation to a firm of solicitors, they are 'Legal Advisory Service Providers' who have 'Representatives' and/or 'Advocates'.

Thanks.

[Fred]

Re: Role of FCA?

Hi, if anyone can answer my query, I would be grateful:

If a Legal Advisory Services company is reported to the FCA for malpractice, what would be the outcome/benefit to the person reporting them?

ie: would the FCA simply target the company, advise them how to conduct themselves, fine them, give them a warning, or would there be scope for compensation to the reportee who has suffered due to the firm's incompetence?

This is not in relation to a firm of solicitors, they are 'Legal Advisory Service Providers' who have 'Representatives' and/or 'Advocates'.

Thanks.

Is the organisation in question regulated by he FCA ?

[Diana M]

Re: Role of FCA?

If a Legal Advisory Services company is reported to the FCA for malpractice, what would be the outcome/benefit to the person reporting them?

ie: would the FCA simply target the company, advise them how to conduct themselves, fine them, give them a warning, or would there be scope for compensation to the reportee who has suffered due to the firm's incompetence?

Your main question seems to be how would the person who reported the business to the FCA benefit (if at all).

The FCA does not pay compensation to victims, and neither does it investigate individual complaints. But it can (and does) sanction businesses who break the rules with not only hefty fines but also ordering them to pay compensation to their victims in some cases.

However, if the report of 'malpractice' resulted in a sanction from the FCA then the victim may benefit from using that sanction (and the detailed reasons for it) to support any claim they intend to pursue against the wrongdoer.

This is, of course, all hypothetical, so what is the problem which you may have suffered and is it part of the ongoing case you've posted about here >

I just joined up to browse & find out some info I need.... can't say much more as there's an ongoing case & I need to be careful what I say for now.

If this is a Legal Advisory Service not supervised by a practicing solicitor then you need to establish whether any of the workforce were passing themselves off as solicitors which would be a different crime.

Can you be a bit more specific?

Di

[Amethyst]

Re: Role of FCA?

It may be that the company are regulated by the FCA for insurance/credit products which may mean if the complaint is regarding conduct of advocates it would be outside of the FCA remit. If it were that way it still might be worth speaking with the SRA/LEO.

Reporting is worthwhile to to help protect others in the future- or the possibility of an investigation which could (rarely) lead to recompense eventually for those affected.

However if this is a business to business arrangement /contract then it will be difficult to get any action from any of them. But still worth flagging up any perceived wrong doing - it all goes in a database and now and then patterns get noticed....

[HateInjustice]

Re: Role of FCA?

Hi Fred & Diana, thanks for your replies.

Yes, it is stated on their website that they're regulated by the FCA.

I can't go into detail here, but yes it is in connection with my first post, and I think you've answered my query, Diane. I couldn't tell from the FCA website whether they instigate compensation claims for the person who has suffered at the hands of one of their regulated firms, or not.

I have no evidence that they are trying to pass themselves off as solicitors, but they do give legal advice and representation.

Thanks - that is very helpful. I will see how it goes, and maybe have ammunition to take things further.

[HateInjustice]

Re: Role of FCA?

Thanks Amethyst, yes you're right - a complaint should be made, whether or not there is a chance of compensation. From what you've said, it will probably go to the SRA or LEO.

Thanks!

[Amethyst]

Re: Role of FCA?

There's a report about legal services out today - CMA - there's a link on the legalbeagles home page - have a read of the sections on unregulated legal services ... it might give you some insight from the regulatory side of things.