Solicitors
Solicitor jailed for stamp duty fraud
A solicitor who attempted to pocket £133,000 in a tax fraud by changing conveyancing documents and lying to his clients was jailed yesterday. He pleaded guilty to two charges of cheating the public revenue and was sentenced to 21 months in prison.
SRA eyes 50-fold increase in fining power
The Solicitors Regulation Authority has shelved its bid to increase the maximum fine it can impose on law firms from £2,000 to £250m and is instead looking for a more modest rise – although still possibly 50 times the current level.
SRA tells LSB: no need for lay chair requirement
Legal Services Board should be focusing on the way the chairs of the frontline regulators are appointed, not on ensuring they are non-lawyers, the Solicitors Regulation Authority has said.
SRA eyes financial stability test for thousands of firms
The Solicitors Regulation Authority is contemplating whether to contact thousands more law firms about their financial position after this summer’s exercise involving 2,000 practices “confirmed our view that financial difficulty is a widespread current risk”.
Government surveillance threatens law firms’ cloud data security, regulator warns
Widespread data snooping by the US National Security Agency, as revealed by whistle-blower Edward Snowden, could threaten the security of cloud computing for law firms acting in confidential merger negotiations, the Solicitors Regulation Authority has warned.
SRA bids to get grip on exactly how many firms have yet to secure insurance
The Solicitors Regulation Authority does not know the insurance position of at least 50 law firms, but there may be even more out there uninsured, it admitted yesterday. Those yet to inform the regulator that they do not yet have insurance face enforcement action, it warned.
Bank problems “will not affect” Co-operative Legal Services
The problems with the Co-operative Bank will not have an impact on the growth of Co-operative Legal Services, its director of policy said yesterday. The assertion came as the SRA published guidance highlighting the risks of ‘group contagion’ in the legal market.
SRA imposes controls on relationships within AA group after ABS award
The Solicitors Regulation Authority has imposed a series of conditions on AA Law that aim to control the relationship between the law firm and the breakdown giant’s insurance and claims-handling operations.
MDPs “struggling” to make it through ABS licensing process
The process of approving alternative business structures seems to be weighted against multi-disciplinary practices and business services firms, it has been claimed. The Legal Services Board also expressed concern over the impact on ABS licensing of senior departures from the SRA.
Thousands miss PC renewal deadline as figures reveal staggering growth in solicitors’ ranks
Thousands of solicitors have missed the deadline to apply for their practising certificates to be renewed, the Solicitors Regulation Authority confirmed today. It comes as new figures show a record number of practising solicitors.
Blog
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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.
