News
LSB to urge AML crackdownNovember 21, 2024LSB produces draft proposals for clamping down even further on AML regulation. The proposal entitled "Consultation on Guidance for New Regulatory Objective on Economic Crime" is a response to a new legal duty placed on the LSB and the legal services regulators to ‘promote the prevention and detection of economic crime’.Read More
SRA Revises Continuing Competence GuidanceAugust 21, 2024The SRA has reissue its continuing competence guidance and series of FAQs. Here we look at the possible reasons behind this and what is required of firms.Read More
Increases to Compensation Fund ConfirmedJuly 25, 2024As expected the SRA have confirmed that contributions by law firms and individuals to the SRA Compensation Fund will be increased for the first time in five years. For individuals this will be by 200% to £90 (£30 last year) while firm contributions will increase by 236% to £2,220 (£660).Read More
SRA Again Seeks View on Proposed Fines RegimeJuly 3, 2024Once again, the Solicitors Regulation Authority is consulting on the latest proposals to issuing financial penalties to law firms and solicitors. Inevitably, the level of fines will be going up! We look at the proposals being put forward.Read More
Client Account ShortagesJune 23, 2024In the wake of the Axiom Ince case, the SRA publishes a new warning notice dealing with the duty of solicitors to replace client account shortages immediately.Read More
Improving the Effectiveness of AML RegulationMarch 13, 2024HM Treasury publishes consultation on improving the effectiveness of the MLR 2017, which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing.Read More
Building Safety Act GuideFebruary 15, 2024Law Society publishes guide entitled "Building Safety Act 2022: a guide for conveyancers" designed to assist those solicitors dealing with flat sales and purchases in understanding the implications for them of the complexity of the Building Safety Act 2022.Read More
The Lower Risk of Domestic PEPsJanuary 24, 2024An amendment to the money laundering regulations making changes to the treatment of politically exposed persons (PEPs) comes into force meaning that firms may need to amend their policies and procedures.Read More
SRA considers risks from ArtificiaI IntelligenceNovember 21, 2023A new report from the SRA looks at the opportunities – and risks – that artificial intelligence (AI) represents to law firms and at how AI is impacting the legal services sector. It outlines current and potential future developments, and highlights some of the issues that firms may need to think about in terms of how they might be affected.Read More
First fixed penalty fines issued by SRANovember 16, 2023SRA publishes details of the first three fixed financial penalty regime fines of £750 against three firms for not complying with the Transparency RulesRead More