Responsibilities as Trust and Company Service Providers
Responsibilities as Trust and Company Service ProvidersOctober 19, 2021What is involved in being a “trust and company service provider” (‘TCSP’) has been receiving attention from the SRA of late and failure to get to grips with the topic could result in firms providing advice and services in breach of the relevant provisions, and so therefore illegally.  In this article we look briefly at the requirements and at which firms need to be concerned.Read More
Guidance on Sanctions Controls
Guidance on Sanctions ControlsSeptember 22, 2021Finding that a client is listed on the consolidated sanctions controls list maintained by HM Treasury will be one of the most frustrating compliance concerns that most law firms are likely to encounter.  A new factsheet from Infolegal will help firms gain a greater understanding of the sanctions controls in place within the UK, and looks at the range of controls, issues surrounding legal professional privilege, the fees and disbursements that may be charged and applying for a licence.Read More
A New Direction for Data Protection
A New Direction for Data ProtectionSeptember 20, 2021Even before Brexit took effect UK data protection legislation was at best ambiguous with the potential for confusion between GDPR and Data Protection Act requirements.  Even within the GDPR, the role of Articles v Recitals was always uncertain.  With these issues in mind, and to “secure an even better data protection regime that fully supports a world-leading digital economy across the UK”, the government has issued a consultation on UK data protection reform.Read More
SRA Reports and Priorities
SRA Reports and PrioritiesAugust 23, 2021SRA issued its annual “Upholding Professional Standards” report for 2019/20 last month, outlining some of their more public activities and providing guidance on their main plans and concerns for the future.  Read More
Will Construction
Will ConstructionJuly 14, 2021In this article we look at the timely warning as to the importance of some basic principles of the drafting of critical legal documents, and wills in particular, in the recently reported case decision in Eade v Hogg .Read More
Conveyancers Beware – Acting for Vendor and Purchaser
Conveyancers Beware – Acting for Vendor and PurchaserMay 19, 2021News of disciplinary proceedings having been taken recently against a conveyancer who had acted for both parties in a conveyancing transaction has thrown back into the regulatory spotlight the circumstances when the same firm may act for both of the main parties to the transaction. In this article we look briefly at when acting for vendor and purchaser is allowed.Read More
Cyber Losses Cover and Money Laundering Risks
Cyber Losses Cover and Money Laundering RisksApril 23, 2021Recent SRA announcements on the related topics of cyber-based property fraud and anti-money laundering checking reveal that keeping the profession free of money laundering activity is one of the main ways of disrupting serious crime and that having adequate controls in place is likely now to be something indemnity insurers will look at on renewals.Read More
Trusts and Beneficial Ownership Registration
Trusts and Beneficial Ownership RegistrationMarch 24, 2021Following analysis in last month’s newsletter on the revised guidance in the 2021 Legal Sector Affinity Group AML Guidance we look here at the registration of trusts and their beneficial owners. The need for a record of such interests was set out in the Money Laundering Regulations 2017, and although broadly in line with the equivalent requirements in relation to company shareholders there is a much greater degree of confidentiality associated with the structure and operation of private trustsRead More
Recording Telephone Conversations
Recording Telephone ConversationsMarch 17, 2021Recording telephone calls is proving ever more useful to law firms – if only as a means of ensuring a clear record of what clients have said.  However, such recordings are not without complications – technical and regulatory - and any firm thinking of doing so must consider the problems and pitfalls of doing so.  In this article we look briefly at some of the legal and regulatory issues that firms need to be aware of and what steps they should consider before deciding to record calls.Read More
Changed “Tax Adviser” Status to be Notified to the SRA
Changed “Tax Adviser” Status to be Notified to the SRAFebruary 23, 2021SRA stresses need for records to be updated for those already AML regulated firms now regarded as operating as tax advisers following MLR 2019.Read More