Articles
Conveyancing Services – Opportunities and ThreatsAugust 23, 2023As most high street firms will agree, these are tough times for those involved with residential conveyancing. In this article we take a look at some of the demands that conveyancing firms face and also at the opportunities that present themselves.Read More
Warnings on Costs Information, Fees Recovery and Transparency RulesJuly 20, 2023Recent warnings in the legal press as to ensuring firms are paid for the work they do, as with the recent ruling in the Irwin Mitchell case, have shone a spotlight on the importance of making sure that firms properly update clients on costs. It is sensible also to pay heed to the Transparency Rules.Read More
Safeguarding Legal Practices: The Imperative for Solicitors to Prioritise CybersecurityMay 18, 2023The recently publicised cyber-attack on conveyancing giant Simplify, and which cost the group nearly £7m, reminds us all that cybersecurity needs to continue to be a crucial element in the planning and management of all solicitors practices. This article looks at the need for cybersecurity within law firms and how it can best be achieved.Read More
Sanctions and OFSI Compliance ConcernsMay 18, 2023For many law firms potential liability for breaches of sanctions controls may be theoretical but are nevertheless issues that cannot be discounted. Furthermore, whilst not all firms are subject to the AML regime, the risks of sanctions liability applies across the board to all who find themselves dealing with a “designated person” for sanctions purposes. This article provides an overview of the issues that may arise and of some of the factors that firms may need to take into account.Read More
Increased Obligations on Money Laundering and Financial Crime: Proliferation RisksMarch 31, 2023A revised LSAG coming into effect on 1 April 2023 introduces changes to the MLRs 2017, including in relation to undertaking proliferation financing risk assessments and in respect of the duty to report discrepancies in the company registers to Companies House. This article looks at these changes, explains the nature of proliferation financing risk assessments and looks at the changes to AML requirements and the corresponding pressures faced by solicitors.Read More
New SRA Guidance on the Provision of Banking Facilities for ClientsMarch 17, 2023One of the most common compliance problems to arise in relation to the SRA Accounts Rules is the prohibition against providing banking facilities for clients and is something which has grown steadily in importance so far as the SRA are concerned in recent years. In this article we look at the requirement and at the new Warning Notice and Case Studies published by the SRA.Read More
Solicitor Ongoing CompetenceFebruary 20, 2023Following the LSB's "Statement of policy - ongoing competence" there had been some speculation that the SRA might feel itself obliged to return to a CPD hours or CPD points based system. Most will be relieved that, in its recent "Response to LSB Statement of Policy - ongoing competence", the SRA has not done so and has instead announced a series of actions that it will be taking to address the outcomes identified by the LSB.Read More
SRA Proposes Rules UpdatesFebruary 18, 2023The Solicitors Regulation Authority has published a consultation relating to proposed updates to a number of their rules and codes. The main body of changes relates to the operation of the SRA Solicitors Accounts Rules 2019, with several of those changes potentially having an implication for most firms. This article looks at those changes and what they are expected to achieve.Read More
LeO Revise Scheme RulesFebruary 16, 2023The Legal Ombudsman (LeO) has announced updates to its Scheme Rules, to take effect from 1 April 2023. The changes reduce the time limits in which a complainant can bring a complaint to the LeO, make changes to the Ombudsman's discretion to dismiss and discontinue complaints and various other minor changes. This article looks at what those changes are and at how they will impact upon solicitors in terms of revised complaint policies and terms of business.Read More
SRA Imposes Higher AML FinesJanuary 24, 2023The New Year has seen a growth in the number of investigations into AML processes within solicitors' firms and has produced some significant reports in the legal press regarding fines imposed by the SRA on firms failing to implement AML provisions adequately. In this article we look at some of those headline fines and discuss what firms should be doing in order to help ensure that they are AML compliant.Read More