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Compliance Update April 2023
Welcome to the latest update on all things compliance! Spring is definitely in the air & the SRA have been rather busy 🐝🐝🐝 these last few months (which also means so have we!) We are currently knee deep in AML audits as many of you have taken us up on our recent offer of a 10% discount. We have decided to extend this for anyone who books an audit by 30th April 2023. The SRA literally now have a whole department solely committed to carrying out AML checks and they will likely eventually get to all firms subject to...
SRA Fines Oxfordshire law firm £20k for AML failings
Any law firm doing property, corporate, private client, trusts, tax work etc should make the time to read the SRA’s decision to fine Ferguson Bricknell solicitors £20k for AML failings. 💰 It would be easy to self soothe by jumping on the worst of the problems identified with the anti-money laundering approach but frankly many small to medium sized firms are in similar position on a lot of these issues. They also have: ❌ a firm-wide risk assessment in place now which doesn’t adhere to the detail fo the SRA’s latest guidance....
Compliance Update January 2023
🔥 Hot Topics Drum roll please!…….. Will there ever be an update where we don’t bang on about AML?! Probably not 😂.But to apologise for always harping on about it, for the first time EVER we are offering a 10% discount on AML audits for bookings made by 28th February. Contact us here to discuss. We want everyone to start the year feeling confident & compliant! To reiterate how important it is that you and your firm are fully compliant with your obligations, here is the SRA’s Anti-Money Laundering Annual Report 2021-22. SRA...
Compliance Update October 2022
Hot off the press…. The SRA will be checking your website….are you ready?! The SRA announced in August that it has plans to check ALL law firm websites for compliance with its Transparency rules. Remember, whatever services you offer, you need to publish details of your complaints procedure and a copy of the SRA’s clickable logo on your website. We are aware that the SRA is being rather picky about wording of specific points (for example, they were unhappy that a link on a firm’s website complaints policy went to the main www.sra.org.uk...
Compliance Update June 2022
New rules and guidance from SRA Three updates for you from the SRA. The regulator has updated its Confidentiality of client information - Guidance. It gives some useful insight into the regulator’s thoughts about confidentiality in situations involving complex structures, mergers and acquisitions and outsourcing. It also continues to include some helpful existing guidance on when it might be reasonable to breach the duty of confidentiality, such as preventing someone from being harmed or the commission of a criminal offence. Good news for any...
SRA Compliance and Practice Management Software
For most law firms and legal practitioners, regulatory compliance is never far from mind. Can practice management software help lawyers to meet their regulatory requirements, including those set out by the Solicitors Regulation Authority (SRA)? Andrew Donovan, founder of the Compliance Office, examines this issue in this guest blog, written for Clio, the practice management system for law firms. SRA requirements and practice management software We don’t tend to think of lawyers as being especially vulnerable individuals in contract...
Compliance Update April 2022
Workplace culture matters So concluded the SRA’s recent Thematic Review. Worryingly, a quarter of those surveyed felt their firm didn’t have a positive culture and highlighted concerns such as long working hours. The review sets out the regulator’s expectations and suggests ways firms could improve workplace culture, including: Use surveys to spot issues over time Give leaders time and resources to support people Offer ongoing support at all levels Set clear working hours expectations Create a no blame culture The full review includes good...
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 insurance policies. This should be in place for current renewals as the SRA said it expected them to be in place by the end of 2021. Here is the full press release. Anti-money laundering The SRA has...
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 position does not seem to have changed - the potential for weakness in an entity undertaking has been recognised for a while. But in effect it seems that this new case has done much to publicise the...
Is this a serious rule breach? 5-step SRA reporting checklist for COLPs, COFAs & law firms
I read a bizarre and sad story recently about a solicitor disciplined by the Solicitors Disciplinary Tribunal following local newspaper reports of him hitting his 71-year old mother in the face with a saucepan. The local press suggested that the solicitor’s defence was that he had simply been watching snooker at the time and had thrown his arms up in disbelief when Ronnie O’Sullivan missed an easy shot and he just happened to be holding a saucepan full of dumplings at the time! It speaks volumes to the cavernous depths of my SRA compliance...