Articles
COVID-19 and SolicitorsMarch 17, 2020As the impact of COVID-19 starts to really take effect, there is clearly a high chance that solicitors’ firms all over the country will be affected – either directly as a result of staff absences or indirectly as a result of others with whom they have dealings being affected. As with all risks, firms must take steps to ensure that the impact upon clients and potential clients of the firm is as low as possible.Read More
BOOMs and the New Need for DBS ChecksMarch 15, 2020All firms that carry out services that are subject to the Money Laundering Regulations 2017 must ensure that new beneficial owners, officers and managers (BOOMs) provide the SRA with proof that they do not have any criminal convictions that would prevent them taking up one or more of these roles.Read More
Protecting Users of Legal Services – the Compensation FundMarch 3, 2020In a recently published consultation, the Solicitors Regulation Authority has put forward proposals to restrict eligibility to the Compensation Fund and, thereby, reduce the financial burden on the profession.Read More
Financial Crime ConcernsFebruary 21, 2020Issues relating to financial crime continue to be high on the regulatory agenda, and in this article we look again at the responsibilities on law firms to avoid any unwitting involvement in all forms of financial crime – not just money laundering. Read More
Flooding and environmental issuesFebruary 18, 2020The recent spate of storms as increased everyone's awareness of the danger that flooding can present to properties throughout Britain. It is topical, therefore, that the Law Society have produced two environmentally focused practice notes - one dealing with Flood Risk and the other with Contaminated Land.Read More
Revised Money Laundering Regulations now in ForceJanuary 13, 2020The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 took effect on Friday 10th January. Although the new provisions will have more impact on sectors other than law firms, especially the banks and those concerns that have dealings with crypto-currencies, nevertheless there are changes of which law firms need to be aware including the increased importance of risk management and in relation to enhanced due diligence.Read More
Advertising your servicesJanuary 8, 2020Paragraph 8.9 of the SRA Code of Conduct for Solicitors, RELs and RFLs has changed the way in which firms can target advertising to potential clients. This article looks at what those changes are and at how there is still a degree of ambiguity as to what is and is not permitted.Read More
PII to Remain UnchangedDecember 20, 2019SRA announces that, following a consultation, it will not be making changes to the current rules requiring solicitors to have a minimum level of professional indemnity insurance (PII) cover but will look at other areas of improvement to PII.Read More
Certifying your AML Risk AssessmentDecember 17, 2019The Solicitors Regulation Authority are in the process of asking firms to certify to them by the end of January that they are in possession of a valid AML risk assessment as required by r.18 of the Money Laundering Regulations 2017. 7,000 firms have been contacted in this follow up to the review earlier this year. Firms who are struggling with this will find the resources provided by Infolegal on its compliance hub to be of assistance to them.Read More
AML – Renewed SRA Risk Assessment WarningsNovember 21, 2019SRA’s announcement that it will be writing to the 7,000 firms to ask them to confirm they have a firm money laundering risk assessment in place has focused the minds of many firms who, up until now, have possibly been a little more complacent than they should have been.Read More