Compliance & Regulation
Ministry of Justice unveils plan to plunder client account interest
The Ministry of Justice has today unveiled plans for an Interest on Lawyers’ Client Account scheme, which would claim 75% of the interest on pooled client accounts to boost its budget.
SRA to pay solicitor £160k over “fatally flawed” prosecution
The Solicitors Regulation Authority has been ordered to pay a solicitor nearly £160,000 in costs after its prosecution of her was ruled “fatally flawed”.
Advertising watchdog targets motor CMCs in latest crackdown
The Advertising Standards Authority has banned misleading adverts aimed at victims of car accidents as part of a new crackdown on claims management companies.
Junior solicitor avoids strike-off after deleting part of handover note
The Solicitors Disciplinary Tribunal (SDT) has decided against striking off a junior solicitor who deleted part of a colleague’s handover note to cover up his failure to do what it said.
Professional ethics network to push for “cultural step-change”
A professional ethics network is to be launched in a bid to achieve the “cultural step-change” required to improve standards among lawyers.
Solicitor billed 28 hours a day to maximise bonus
A senior solicitor who recorded an average of 28 hours of work a day over a period of 12 months in a bid to maximise her bonus has been struck off.
FCA goes public with claims company investigation after court battle
The Financial Conduct Authority is investigating The Claims Protection Agency Ltd over its motor finance work, it has emerged after a High Court battle over anonymity.
Slow progress in reshaping legal market, LSB admits
A legal market that achieves fairer outcomes for both the public and the profession “is far from being realised”, the Legal Services Board has declared.
Widespread opposition to FCA taking over AML supervision
Law societies on both sides of Hadrian’s Wall have set out strong opposition to government plans to transfer anti-money laundering supervision to the FCA.
Solicitor rebuked for telling trainee to backdate deed
A solicitor who instructed a trainee to backdate a deed has been rebuked by the Solicitors Regulation Authority after she admitted to an error of judgement.
Blog
Accountability has to live within governance, not with one person
The assumption has long been that a COLP or COFA is personally exposed to the consequences of anti-money laundering breaches.
The SRA’s client money reforms: good intentions, questionable execution
On the face of it, the SRA’s plans to tighten protections around client money sounds sensible. The detail, as ever, tells a more complicated story.
Recruitment, retention and reward in the legal accounts world
Understanding the legal finance market is important – not just for those actively involved in it day-to-day but also for leaders within law firms.
