Struggling to get into the groove or buzzing with positivity…how is your New Year going?
Facebook Linkedin Instagram Struggling to get into the groove or buzzing with positivity…how is your New Year going? Are you struggling to get into the groove again after a relaxing break or are you buzzing with positivity and New Year resolutions?! Perhaps a bit of both? Have you resolved to make positive changes to your […]
SRA thematic review of probate and estate administration
The SRA Annual Assessment of Continuing Competence 2023 found that probate and estate administration generated the third highest volume of reports to the SRA and complaints to the Legal Ombudsman.
SRA AML Annual Report Findings
Facebook Linkedin Instagram SRA AML Annual Report 2023/24 Close on the heels of the LSB report, the SRA issued its Anti-Money Laundering Annual Report for 2023-24 which can be found here. The report is lengthy and wide-ranging, detailing all the steps taken by the SRA to encourage and enforce AML compliance, and a new sharper […]
SRA Transparency Rules – updated guidance on price and service publication
Facebook Linkedin Instagram SRA Transparency Rules: updated guidance on price and service requirements On 30 September 2024 the SRA issued new and updated Guidance on how to comply with the price and service requirements of the Transparency Rules. This is significant, as it’s the first update since the Guidance was originally published in 2018. The […]
Considerations when buying, merging, or selling a law firm or files
Facebook Linkedin Instagram Mergers, acquisitions and sales of law firms (or files) If you are considering selling or merging your law firm, or acquiring another firm, department, or files, you should take note of the SRA’s recent Warning Notice. In particular, you must put client’s best interests before any commercial considerations. Remember that clients are […]
New fraud and cybercrime courses coming soon
Our essential learning courses will give your team a practical understanding of fraud and cybercrime risks that directly target law firms.
Spotlight on fraud and cybercrime…it’s not just AML
Facebook Linkedin Instagram Spotlight on fraud and cybercrime…it’s not just AML We are often told by COLPs that the risk of fraud and cybercrime keeps them awake at night, for some even more so than AML risks. It’s hard to keep up with the fast-developing range of fraud and cyberattacks, even more so with the […]
SRA Accounts rules: residual balances
Facebook Linkedin Instagram Solicitors Accounts Rules: Residual balances This month we draw attention to SRA Accounts Rule 2.5, which requires firms to return client money as soon as there is no proper reason to hold it. It’s common to have small amounts left at the end of a transaction, i.e. because of late estate realisations […]
Information security and data protection update
Facebook Linkedin Instagram Information security and data protection update Article 42 GDPR provides for the ICO to approve private (and voluntary) certification schemes aimed at processors of personal data. On 13 February the ICO approved ‘the Legal Services Operational Privacy Certification Scheme’ (the acronym is ‘LOCS 23’). Aimed at legal services providers, and also at […]
Companies House update – rate increase and ECCTA reminder
Companies House update: Fee increases and ECCTA reminder As from 1 May 2024 Companies House is increasing its fees – please see the new tariff. It’s really important to send the correct fee, especially on time-critical applications such as the registration of company charges, else Companies House will reject the application and you will have […]
UK sanctions regime comes under increased SRA scrutiny
Facebook Linkedin Instagram UK sanctions regime comes under increased SRA scrutiny With the rapid expansion of the sanctions regime since Russia’s invasion of Ukraine two years ago, sanctions compliance has become a focus of SRA scrutiny. Why do law firms need to have sanctions controls? The sanctions regime applies to: All law firms and to […]
New SRA Guidance on firm-wide sanctions risk assessments
Facebook Linkedin Instagram New Solicitors Regulation Authority guidance on firm-wide sanctions risk Assessments On 23 January 2024 the SRA issued new guidance on firm-wide sanctions risk assessments to identify and mitigate potential risks. This risk assessment should feed into the firm’s sanctions policies, controls and procedures, and fee earners should consult it if needed when […]
New postal address for the Legal Ombudsman
Facebook Linkedin Instagram Change to the Legal Ombudsman’s postal address The Legal Ombudsman PO Box address changed on 22 January to: Legal OmbudsmanPO Box 6167SloughSL1 0EH If you haven’t already done so, you must provide the new address for clients on your: Complaints procedure Website Terms of Business Client care letters By way of […]
New list 3ZA of high-risk third countries
Facebook Linkedin Instagram New list 3ZA of high-risk third countries The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023, which came into force on 5 December 2023, replaced the list of high risk third countries in List 3ZA with a new list. Why does this matter? Regulation 33(1)(b) of the Money Laundering […]
Cyber criminals: It’s not just your money they’re after
Facebook Linkedin Instagram Cyber-criminals:It’s not just your money they’re after! It is not just your money that criminals want. To them, information is gold. Legal practices that handle confidential and commercially sensitive information are prime targets for cybercriminals. Law firms are particularly attractive targets for ransomware actors, phishing attacks, and business email compromises due to […]
Are you ready for an SRA AML Audit?
Facebook Linkedin Instagram Are you ready for an SRA AML audit? The SRA has made no secret of its continued laser focus on monitoring and enforcing anti-money laundering compliance. In the last month alone, six firms we work with have been the subject of SRA AML audits. One had a ‘desktop’ audit’, the others have […]
How to avoid and challenge an SRA Intervention
Facebook Linkedin Instagram How to avoid and challenge an SRA intervention We’re delighted to share the first in a series of three articles written for Compliance Lifeline by regulatory Solicitor-Advocate Jonathan Goodwin. An SRA intervention is the SRA’s nuclear weapon. If your firm is currently being investigated and you fear an intervention may be possible, […]