An end to owners of CMCs closing down a distressed firm and opening another – known as ‘phoenixing’ – is on the cards under new proposals from the Financial Conduct Authority.
A woman who falsely claimed to be a qualified immigration lawyer, and did not deliver on what clients paid her £68,000 for, has been jailed for five years.
Licensed conveyancers will be required to publish price and service information on their websites from December after the Legal Services Board approved their regulator’s new rules.
The big CMCs will be hit hardest by fee increases planned by the Financial Conduct Authority to fund the £17m cost of their new regulatory regime.
A man has pleaded guilty to five counts of providing unqualified immigration advice and services, some 13 years after an identical conviction.
A man who falsely claimed he fronted a legal business has been sent to prison for charging £12,000 for advice a judge described as “worse than useless”.
One of the ‘big five’ conveyancing law firms is aiming for more market share and remortgage work as part of efforts to steady its struggling parent company.
When small businesses believe they can trust the transparency of legal providers on fees, they are twice as likely to seek the advice of lawyers, according to the Legal Services Board.
The Intellectual Property Regulation Board has unveiled Lord Smith of Finsbury – better known as the former Labour cabinet minister Chris Smith – as its new chair.
The Financial Conduct Authority will have the power to cap the fees of personal injury CMCs, although there is currently no need, says the Treasury.
Having been team leader, department head, division head and managing partner, I understand well the frustration (and anger) that managing partners and CEOs voice to me: “We’ve asked them a dozen times, but still they aren’t doing what we need!”