Solicitors
SRA to tell insurers: disclose your credit rating to solicitors
Professional indemnity insurers will have to disclose their credit ratings to solicitors under plans to be approved by the SRA next month. However, it is to drop the requirement that insurers give policyholders a month’s notice of their intention not to renew cover.
LSB to investigate regulating all "general legal advice"
The Legal Services Board is to examine whether ‘general legal advice’ given to consumers should be regulated, it announced today, but has rejected the Solicitors Regulation Authority’s call for all solicitor-type services to be reserved.
COLP and COFA nomination process to begin next month – but you might not be approved in time
Law firms will be able to start nominating the compliance officers for legal practice and for finance and administration at the end of May – but the Solicitors Regulation Authority has admitted they may not all be approved by the start-date of 31 October.
Law Society to “put its money where its mouth is” with COLP advice service
The Law Society is to pilot an initiative that will provide advice to compliance officers for legal practice (COLPs) and then stand by the COLP if it is then challenged by the Solicitors Regulation Authority.
Barristers blame solicitors for falling standards of criminal advocacy
Deteriorating standards of criminal advocacy are having an impact on the administration of justice – with solicitor-advocates to blame, a Bar Standards Board survey has claimed.
Law firms warned of greater money laundering risk during Olympics
Law firms need to be alert to increased risks of being targeted by fraudsters and money launderers during the London Olympics, the Law Society has warned. Issues include fake passports, sham disputes and visits by foreign politically exposed persons.
Fancy a piece of the action? High-powered group to advise on introduction of contingency fees
An 11-man working party will meet for the first time today to advise on how to introduce contingency fees for court work in England and Wales. The working party has been set up by the Civil Justice Council.
COLP role risks prompting culture of silence at firms, warns top adviser
Law firms should not appoint the lawyer who handles their indemnity insurance as the compliance officer for legal practice (COLP) or risk discouraging lawyers from owning up to their mistakes, a leading City solicitor has advised.
Firms “need to develop” whistleblowing and client account interest policies
Law firms need to establish policies on whistleblowing and the interest they pay to clients, according to a leading regulatory solicitor. Other key issues troubling firms include preparing a business plan and compliance with provisions on outsourcing.
Trainees on housing benefit is “not the image that befits the profession”, Law Society tells SRA
The prospect of trainee solicitors claiming housing benefit and taking on second jobs because the minimum salary has been scrapped “is not the type of image that befits the profession”, the Law Society has claimed.
… as Law Society calls on government to slash the LSB’s budget to stop it overstepping the mark
The Legal Services Board should have its budget slashed so as to rein in its ambitions to move beyond a supervisory role, the Law Society has claimed. However, the SRA, CILEx and Council for Licensed Conveyancers have been more measured in their criticism.
SRA to adopt City firms’ recommendation on dealing with conflicts of interest overseas
City law firms facing conflict issues overseas should apply the rules that apply in the relevant jurisdiction, the Solicitors Regulation Authority has suggested. Meanwhile, the SRA and the Law Society of Scotland have begun discussions on an intra-UK regulatory regime.
TAG solicitor loses appeal against striking-off
A solicitor heavily involved with failed claims handler The Accident Group (TAG) has lost his appeal against a High Court decision to strike him off. Anthony Dennison had initially just been fined by the Solicitors Disciplinary Tribunal.
Don’t recruit partners without running them past us first, SRA warns firms
Law firms recruiting partners must now seek the Solicitors Regulation Authority’s approval prior to appointment, it has confirmed. However, it is still unable to confirm when the process will begin for firms to nominate their COLP and COFA.
Exclusive: SRA bids to increase its power to fine law firms – from £2,000 to £250m
The Solicitors Regulation Authority’s is planning to increase its power to fine law firms from £2,000 to £250m, and to £50m for individuals, Legal Futures can reveal. The Law Society has described the move as “misconceived”.
Blog
Awaab’s Law phase 2: New hazards council tenants can now claim for
The conversation on housing disrepair is moving beyond damp and mould alone. With the rollout of phase 2 of Awaab’s Law, the scope of issues covered is expanding significantly,
Beyond PCP: Can regulators and lawyers work better together next time?
Nearly a decade after the Financial Conduct Authority began investigating the car finance industry, the story of the PCP commission scandal is still unfinished.
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.
