Articles
How Client Money is HandledNovember 21, 2024The SRA has for some time now been obsessed with making changes to the ways in which client accounts are held and managed by solicitors. Their latest consultation "Client money in legal services - safeguarding consumers and providing redress" shows that their intentions in this area have not gone away.Read More
The Continuing Pressure for Demonstrable AML ComplianceNovember 19, 2024The issue of what is expected of firms from the MLR 2017 continues to be highlighted by the regular fines being imposed for failures to meet professional and regulatory responsibilities and was the topic that dominated much of the proceedings at the recent SRA COLPs and COFAs conference in Birmingham.Read More
Financial Services Advice and Insurance DistributionOctober 16, 2024Of all of the areas of solicitor regulation, the provision of financial advice to clients is surely one of the most complex. In this article we look at some of the issues involved and at the steps that need to be taken.Read More
Vexatious Subject Access RequestsSeptember 12, 2024Increasingly solicitors are being asked to respond to a data subject access request (DSAR) where the request has come from the other party in a litigation matter or involved on the other side of a transaction. Can firms refuse to respond to these when they are clearly being made for ulterior purposes? In this article we consider when firms can refuse to supply information and how.Read More
Revised Guidance and Warnings from the SRA on Sanctions LiabilityAugust 21, 2024SRA issues revised guidance explaining their expectations from solicitors and providing practical advice to firms on avoiding breaches of the UK's sanctions regime.Read More
SRA Questionnaire – AML Data Collection Exercise 2024August 19, 2024Firms have been receiving the SRA’s questionnaire relating to anti-money laundering compliance, trust and company service provision and sanctions compliance. This article provides some guidance on dealing with the issues that may arise.Read More
SRA Sanctions QuestionnaireJuly 24, 2024Concern has been expressed about a questionnaire from the SRA dealing with the arrangements firms have in place for the management of sanctions risks. This article considers some of the issues involved and in particular on the imposition of strict liability for having financial dealings with any designated person under the regime.
Read More
SRA Continues Focus on AML ComplianceJune 25, 2024Recent regulatory proceedings against Dentons and Clyde & Co, combined with other lower profile fines, for alleged AML infringements raise the question as to whether the SRA is truly taking a proportionate stance in relation to regulatory enforcement for historic breaches.Read More
It’s time to be afraid, very afraidMay 24, 2024Are solicitors about to be rendered ineffective by the latest SRA plans to abolish client accounts? Are the demands of the consumer lobby about to have the opposite effect and reduce access to legal representation? In this article, we look at some of the more recent plans to change the way the legal sector operates and we ask the question whether law firms are about to be so over regulated that they can no longer function as viable businesses.Read More
LSB to Improve Complaints HandlingMay 20, 2024Legal Services Board issues Requirements, Guidance, and a statement of policy to regulators with aim of improving first tier complaints handling and helping ensure complaints dealt with promptly and as close as possible to source. This article looks at the requirements and what they might mean for law firms.Read More