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Analysis Page

Comparison of former SHIP rules with The Council Rules and Guidance 


The new Rules and Guidance incorporate many of the former SHIP Rules, but in some cases the numbering is now different.  The table set out below indicates where rules have been amended, and where they appeared in the form SHIP document.




Revised R&G v SHIP rules - 19th June 2015

Rules & Guidance

SHIP rules

Rule 1 Annual Certificate of Compliance: versions now added for   providers, advisers, solicitors and valuers.

9 (iv)

Rule 2.1 Applications acceptable only from FCA-authorised firms   (regulatory requirement).

7 (i) and (ii)

Rules 2.2 Adviser declaration re appropriate qualification as   prescribed by the FCA (regulatory requirement).

7 (iii)

Rule 3 No Execution-only business – advised sales only (also now a   regulatory requirement following the MMR).


List of issues to be discussed with the customer.

7 (iv)




7 (v)

Rule 3.3 Customer to receive independent legal advice in all cases.

7 (vi)

Rule 3.4 No pressure to be put on customer in relation to which law   firm is selected.

7 (vi)

Rule 4.1 and 4.3 Product standards prescribed.

9 (i) (ii) and (iii)

Rule 5.1 – certificate re new products.

9 (iv)

Rule 6.1 – provision of Code to customers.

3 (ii)

Rule 7.1 – provision of Suitability Report/use of Adviser Checklist.


Rule 8 – independent legal advice and requirement to have face-to   face meeting with client.


Rule 8.4 – solictors’ certificates added for Scotland and NI.

New for Scotland/NI

Rule 9 – records of complaints to be kept for 6 years. 

Refs added to Legal Ombudsman and RICS procedures.

6 (vi) required 3 years.


New refs relating to solicitors and valuers.


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