20th October - Law News

1029th Edition: LawNewsIndex is a UK based Law, Justice, Legislation & Rights related daily news & legal articles archive brought to you by TheLawMap

FOCUS OF THE DAY: Family lawyers who advise clients on the financial aspects of their divorces, and firms involved in debt recovery work, may have to be authorised by the Financial Conduct Authority (FCA) in future. The Solicitors Regulation Authority (SRA) says it is aware of more than 1,100 firms that carry out debt recovery, one area of consumer credit work. Solicitors could require FCA authorisation if they discuss finance with a divorce client and negotiate terms with creditors on behalf of that client for settlement of a joint debt. A solicitor advising on a property deal who seeks to amend information held by a credit information agency about their client’s financial standing would also be caught. Full story - New Law Journal

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