Regulation
LSB: current financial protection regime risks giving clients "false confidence"
Compensation arrangements for consumers involved in legal transactions that go wrong are outdated and need to be improved, the Legal Services Board has said in calling on its consumer panel to undertake research and provide advice on the issue.
Revealed: criminal Bar threatens JR over "unlawful and unworkable" advocacy scheme
The Quality Assurance Scheme for Advocates (QASA) is unlawful, unnecessary and unworkable and will be judicially reviewed if it goes ahead, criminal law barristers will warn this week in a response to the final consultation seen by this website.
SRA "hoodwinked" over financial services change, expert warns
The Solicitors Regulation Authority has been “hoodwinked” into changing its rules on referrals to financial advisers and risks involving solicitors in the mis-selling of investment products, a former senior financial regulator has claimed.
How satisfied are you with your legal regulatory services?
A new survey, commissioned by the Chartered Institute of Legal Executives (CILEx), aims to understand better the levels of satisfaction legal professionals have with their current regulator, and how regulatory bodies might improve services to those they regulate. This survey,… Read More
Non-lawyer staff causing law firms problems, says leading regulator
US law firms are increasingly running into trouble when they allow non-lawyers to take an active part in front-of-house relationships with clients, a top California legal regulator has revealed.
Relief for solicitors’ wallets as small number of firms apply to enter ARP
The number of applications from law firms to enter the assigned risks pool in its last year is back to pre-crisis levels, the Solicitors Regulation Authority has reported. This year the profession is liable to pay the first £10m in claims that arise from the pool.
SRA ‘unsure’ whether to act on complaints of loss-leader pricing by law firms
Complaints from competitors that a law firm is engaging in predatory pricing are difficult to deal with, the Solicitors Regulation Authority admitted last week. At the same time, regulators were urged to make it easier for firms to inform them about what other practices in their area were up to.
SRA independence still a concern as LSB keeps Law Society on report but eases demands
The Legal Services Board yesterday expressed continuing concerns about the independence of the Solicitors Regulation Authority from the Law Society. This has led the LSB to issue a new statutory notice requiring the society to provide it with information.
Barristers to return all interest to clients with new account facility
Barristers using the new escrow account so they can deal with client money will not retain any interest, it has emerged. The Bar Council’s BARCO scheme should also prove difficult to defraud, according to the man who has led its development.
SRA throws weight behind global legal regulators' network
Legal regulators from around the world have agreed to create an information-sharing network as a first step towards the eventual formation of a global regulators’ organisation.
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.
