We are not authorised by the Financial Conduct Authority. However, we are included on the register maintained by the Financial Conduct Authority so that we can carry on insurance distribution activity, which is broadly the advising on, selling and administration of insurance contracts. This part of our business, including arrangements for complaints or redress if something goes wrong, is regulated by the Solicitors Regulation Authority. The register can be accessed via the Financial Conduct Authority website at www.fca.org.uk/firms/financial-services-register.
The insurance distribution activities that we may undertake are limited in scope and principally involve us introducing clients and insurance brokers either for advice or to arrange a policy. We may also on occasion provide a personal recommendation or advice on the merits of or exercising rights under a contract of insurance. Our insurance distribution activities principally relate to contracts of insurance in respect of real property, for example, defective title insurance, restrictive covenant liability insurance and chancel repair liability insurance.
In carrying out insurance distribution activities we are representing our client, not the insurance undertaking. We do not have direct or indirect holdings in any insurance undertaking and nor does any insurance undertaking, or its parent, have any direct or indirect holding in Farrer & Co LLP. We do not receive remuneration from insurance undertakings in relation to the products we propose. Our work in relation to any insurance product proposed is charged in accordance with the fee arrangements outlined to you in separate correspondence, or otherwise on the basis of our hourly fees. Any demands and needs statement that we give you about an insurance product is provided free of charge.
The Law Society of England and Wales is a designated professional body for the purposes of the Financial Services and Markets Act 2000.