Regulation
SRA and claims regulator dismiss Law Society speculation of referral fee ban “difficulty”
The Solicitors Regulation Authority and the Claims Management Regulator have dismissed a Law Society suggestion that they will not be ready to implement the referral fee ban on 1 April. The society said there was a possibility the pair “may have some difficulty” in doing so.
SRA mulls making firms that want to hold client money seek permission
The Solicitors Regulation Authority giving solicitors positive permission to hold client money is one of the options it will consider as part of the review of conveyancing, it has emerged. It has also expressed concern about mortgage lenders using solicitors as an insurance policy against problems.
SRA drops ‘group licensing’ approach for firms operating overseas
The Solicitors Regulation Authority (SRA) has abandoned plans to impose a group-wide approach to the regulation of firms which engage in activities overseas as it launched a second consultation on amending the SRA Handbook in relation to international practice.
Brilliant ABS start-up goes live, while debt recovery firm targets legal work
Brilliant Law has become what it says is “the first true pure bred alternative business structure (ABS) start-up” and is offering to help other ABS applicants on a fixed-price basis. Meanwhile, a debt recovery business has received an ABS licence so that it can now offer the associated legal work.
90% of COLPs and COFAs in place, but 1,000 firms miss 1 January deadline
Nearly 90% of firms had their compliance officers in place for the start of the new regime yesterday, with the rest either yet to have their nominations approved or, in the case of 194 firms, failed to complete the process at all.
Rules on judicial evaluation and QCs to change in QASA shake-up
More time to obtain judicial assessments and greater recognition for QCs have emerged as key amendments to the Quality Assurance Scheme for Advocates, leaving some of the most contentious aspects – such as plea-only advocates – unchanged.
Frontline regulators hit back at LSB assessment of their performance
Some of the frontline regulators have hit back at the Legal Services Board’s assessment of their performance. A detailed report on the “smaller” regulators found a wide range of competence, both across the different regulators and within each of them individually.
Hundreds of delinquent firms move closer to COLP/COFA action
Around 250 law firms have yet to even start the process of nominating their compliance officers and face having their authorisation removed in the New Year, the Solicitors Regulation Authority announced yesterday.
Thousands of solicitors face losing right to practise after PC renewal failures
Thousands of solicitors face having their right to practise removed after failing to meet the deadline to renew their practising certificate for 2012/13. Meanwhile, around 1,500 law firms have not responded to the Solicitors Regulation Authority’s staff diversity questionnaire.
Accountants launch bid to become ABS regulator, with 100 applications in the offing
Accountants could start offering reserved probate services to the public as soon as next autumn, the Institute of Chartered Accountants in England and Wales said yesterday as it submitted its application to become a regulator of probate services and alternative business structures.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
