FSA sends packs to solicitors' firms on authorisation

The Financial Services Authority (FSA) has sent special packs to all solicitors' firms authorised by the Law Society to conduct investment business, with details explaining how they can easily continue having authorisation under the new regime.Firms' current authorisations lapse on 30 November this year, when the FSA comes into force.

But firms authorised by the Society can choose, under transitional provisions, to have continued authorisation by the FSA without going through the full application process.Firms wishing to take advantage must complete the FSA's 'opt-in' pack and return it by 31 October.

Many firms authorised by the Society are not expected to require FSA authorisation.

The scope of activities under the new regime is clearer and so fewer firms are expected to take out precautionary authorisation.

Firms still wishing to carry out mainstream investment business will require authorisation.

Roger Purcell, the FSA's supervisor of recognised professional bodies, said firms which do not complete the form will suffer delays and face paying more fees.

Jeremy Fleming