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Compliance Update January 2022
Hot topics Cybercrime losses Following a public consultation and discussions with insurer representatives as well as the Law Society, the SRA has issued a press release confirming that a new clause making it clear what cover will be provided for cyber losses will be added to the minimum terms and conditions of law firms’ professional indemnity...
Compliance Update November 2021
Hot topics Are you being asked for 'solicitor' undertakings instead of firm undertakings? There has been a recent Supreme Court case on undertakings which may result in LLP and limited company law firms doing property work in particular receiving requests for undertakings from individual solicitors personally rather than by the firm. The legal...
Compliance Update July 2021
New rules and guidance from SRA Anti-money laundering ('AML') - SRA priority risk Updated AML Guidance has now been published by the Legal Sector Affinity Group (LSAG): https://www.lawsociety.org.uk/topics/anti-money-laundering/anti-money-laundering-guidance. Though a long document, it is most likely essential reading at least for the compliance...
Compliance Update April 2021
SRA Risk Outlook 2020/2021 The SRA have published their risk outlook for 2020/2021. The outlook considers the market landscape and the effects of Covid-19 and Brexit, primarily the economic impact; The SRA priority risks for 2020/2021 are: AML: Highlighting property work, commercial work and client accounts as highest risks; For property an...
Compliance Update January 2017
Rule changes The 18th edition of the SRA Handbook went live on 1 November 2016 and by now all firms should be comfortable that their solicitors are planning their CPD activity for the year. COLPs in particular should be conscious of their duty to put systems in place to ensure that solicitors in the firm are compliant. Firms will need to make a...
Compliance update April 2016
Rule changes The 16th edition of the SRA Handbook went live on 1 April 2016. The most fundamental changes relate to the end of the transitional arrangements for regulating consumer credit activities and the implementation of the new consumer credit regime. The SRA claims to have been successful in excluding debt collecting from separate...
Compliance update November 2015
Rule changes The 15th edition of the SRA Handbook went live on 1 November 2015 and includes some very significant changes to the SRA rules. The amendments include the following: well over one in ten law firms will no longer need to obtain or deliver an accountant’s report. Firms which, during an accounting year, hold an average client account...
Compliance Update July 2015
Key rule changes The 14th edition of the SRA Handbook went live on 30 April 2015. The changes are largely administrative and will not have a material impact day-to-day for most firms. Advocates should note that the transitional arrangements under the Higher Rights of Audience Regulations have now expired and that the Quality Assurance Scheme for...