Articles

Vexatious Subject Access Requests

Subject Access Requests and Client Matters Over the past few months we have received a number of queries as to whether a solicitors’ firm needs to respond to a data subject access

Revised Guidance and Warnings from the SRA on Sanctions Liability

In July we featured an article on the need for risk assessments and control provisions in relation to the risks of sanctions liability – SRA Sanctions Questionnaire. At the distinc

SRA Revises Continuing Competence Guidance

Possibly in the light of its findings in relation to training in asylum and immigration firms, the SRA has reissued its continuing competence guidance “Understanding your continuin

SRA Questionnaire – AML Data Collection Exercise 2024

Your firm will probably have received the SRA questionnaire as to your position in relation to anti-money laundering compliance first, along with trust and company service provisio

Increases to Compensation Fund Confirmed

As was probably to be expected, the Solicitors Regulation Authority (SRA) have confirmed that contributions by law firms and individuals to the SRA Compensation Fund will be increa

SRA Sanctions Questionnaire

We have been contacted by a number of firms about a questionnaire that the SRA is sending out questioning the arrangements that they have in place for the management of sanctions r

SRA Again Seeks View on Proposed Fines Regime

Once again, the Solicitors Regulation Authority is consulting on the latest proposals to issuing financial penalties to law firms and solicitors. The last consultation paper, back

SRA Continues Focus on AML Compliance

It was reported in the Law Society Gazette of the 24th June that the Solicitors Regulation Authority (SRA) will need to pay the £189,000 costs in an unsuccessful regulatory claim t

Client Account Shortages

The Solicitors Regulation Authority (SRA) have published a new warning notice dealing with the duty of solicitors to replace client account shortages immediately. Whilst not refer

It’s time to be afraid, very afraid

The abolition of client accounts, inspections without suspicion of misconduct, increased fining powers, more transparency obligations and a review of legal services. No one can say

LSB to Improve Complaints Handling

The Legal Services Board (LSB), determined to improve the way in which first tier complaints are handled, has now produced three documents aimed at regulators and setting out its e

Be Alert to Cyber Fraud

The Sunday Times of the 7th April carried yet another report of a cyber fraud attack against the client of a law firm in its “Question of Money” column. In what was described by t

CDD Evidence on Individual Clients

We have been asked on a number of occasions whether seeing the client’s personal documents or electronic ID evidence is sufficient CDD when onboarding new clients. The personal doc

AML – Revised SRA Sectoral Risk Assessment

SRA Sectoral Risk Assessment As most firms will be aware, the SRA is continuing with its programme of AML monitoring visits and is seemingly reporting faults more often than not. T

Improving the Effectiveness of AML Regulation

ntify and prevent money laundering and terrorist financing. HM Treasury committed to consulting on changes to the MLRs as part of a wider programme of work aimed at reducing money

Comprehensive AML Risk Assessments

The Money Laundering Regulations 2017 All law firms that are subject to the Money Laundering Regulations 2017, and so the great majority of all firms in private practice, are requi

Building Safety Act Guide

The Law Society has published a guide entitled “Building Safety Act 2022: a guide for conveyancers” designed to assist those solicitors dealing with flat sales and purchases in und

Liability Risks from Helpline Advice

Many firms provide free legal helpline or clinic sessions, often as a means of attracting new instructions or clients. Even if such services are provided free of charge, however, t

AML – Fines, Risk Assessments, Sanctions and Breaches

The SRA continue to monitor and inspect many firms’ AML compliance arrangements. Those who follow the profession’s various news services are likely to have seen several reports of

The Lower Risk of Domestic PEPs

As of 10 January 2024, the status of UK politically exposed persons (PEPs) will be regarded differently to the status of their overseas counterparts. The changes, which came about