QUESTION OF ETHICS

Q Where can I get help on all the investment business changes which are taking place?A The opt-in pack produced by the Financial Services Authority and the Law Society's information pack are probably the best sources of information for solicitors considering the changes which will take place on N2 (1 December 2001).

Additional copies of the Society's information pack can be downloaded from our Web site (www.lawsociety.org.uk).

The [2001] Gazette, 20 April, 40-41 (Implications of the Financial Services Change) and the current series of questions in the Question of Ethics column should also provide useful information.

If, after reading all the information, a firm considers that it will need to opt into authorisation, any further enquiries should be directed to the FSA's helpline on tel: 0845 606 9966.

The FSA can also deal with e-mail enquiries at: www.fsa.gov.

uk/pubs/policy/grandfathering_rpb Most firms which are not doing mainstream investment business will not need to be authorised, but will be able to rely on the Law Society's status as a designated professional body (DPB).

Firms needing guidance on the DPB regime should contact the professional ethics helpline, tel: 0870 606 2577.Please noteInvestment businessUnder the Financial Services and Markets Act 2000, most firms now doing non-discrete investment business only will no longer need authorisation and need not return the FSA's opt-in form.

These firms will come within the designated professional body regime (as members of the Law Society) and there is no need to register with the Law Society.Most firms now doing discrete investment business (or authorised by other regulators) will need to be authorised by the FSA, and must complete and return the FSA's opt-in form by 31 October 2001.l Question of ethics is compiled by the Law Society's professional ethics guidance team.

Send questions for publication to Austin O'Malley, the Law Society, Ipsley Court, Berrington Close, Redditch B98 0TD; DX 19114 Redditch; tel: 020 7242 1222.