Should a conveyancing solicitor be registered with FCA

purplestar133

We have selected a solicitor for our house purchase (first time buyers) and have noticed in the terms and conditions we've been asked to sign to confirm we want to use their services, that they are not regulated with the Financial Conduct Authority.


I got about 15-20 recommendations from a forum/network of colleagues and this company was highly recommended by 4 or 5 people.


Should I be worried about choosing a solicitor that is not regulated by the Financial Conduct Authority or is that usually the case with solicitors? I haven't got the exact wording with me, but they said they were recognised by the FCA for insurance, I think. (I will find the paperwork and edit this post later).


I understand I will need to give them my deposit for the house and they will pass it to the sellers' solicitor, hence the concern as I'm giving them a lot of money!

Bluebirdman_of_Alcathays

I can't see why they should be. Most solicitors don't lend money.

They will (hopefully!) be regulated by the SRA, who have stringent rules in place on monies held on client account.

purplestar133

Bluebirdman_of_Alcathays wrote: »

I can't see why they should be. Most solicitors don't lend money.

They will (hopefully!) be regulated by the SRA, who have stringent rules in place on monies held on client account.

Thanks, I must say it didn't occur to me that they would be either but a relative mentioned it and panicked me!


They are indeed regulated by the SRA.