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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...