Solicitors
SRA uses new power to publicly rebuke and fine solicitor for first time
The Solicitors Regulation Authority has used its power to fine solicitors for the first time, Legal Futures can reveal. A sole practitioner was given a written rebuke and fined £1,000 for failing to comply with an undertaking.
Consumer confusion boosts case for strict controls over unreserved work
New consumer research from the Solicitors Regulation Authority has strengthened the case for stringent controls of law firms and alternative business structures which seek to hive off unreserved legal work to an unregulated business.
MPs tell insurers to improve referral fee transparency or face government action
MPs today called on insurers to be much more transparent with policyholders about the “merry-go-round” of referral fees in their motor business – and for the government to step in if the industry fails to take action by the end of next year.
Revealed: solicitors set for poll in last-ditch bid to derail SRA as ABS regulator
Sole practitioners are set to requisition a special general meeting of the Law Society and a postal vote of all solicitors in a bid to overturn Chancery Lane’s support for alternative business structures (ABSs) and wreck the Solicitors Regulation Authority’s application to become an ABS regulator, Legal Futures can reveal.
News in brief: larger firms cool on ABS, LPO boost, women suffer on pay and more
Our latest round-up of other news of interest to Legal Futures readers includes a survey of among larger firms about ABS intentions, a lay majority on the BSB, women lawyers convinced male colleagues are paid more, good news for a big LPO provider and much more.
Solicitors repay £10m to miners as compensation scandal nears end
Solicitors have repaid nearly £10m to miners who had sums wrongly deducted from their damages, Legal Futures can reveal. The Legal Complaints Service has now closed the last complaint arising from the miners compensation scandal ahead of its formal shut-down this month.
SRA: impact of ABSs on small firms may not be as bad as feared
Alternative business structures (ABSs) “may not be as big a threat” to small firms as some fear, the Solicitors Regulation Authority (SRA) has suggested. A draft impact assessment also argued that ABSs could help equality and diversity in the legal profession by breaking the traditional partnership model that has held it back.
Lenders tell SRA: it’s too late to exclude our claims this year
Removing financial institutions from compulsory professional indemnity insurance cover will cause “serious detriment to clients and solicitors” if it is forced through this year as planned, mortgage lenders have warned.
SRA will reject restrictions on its ability to regulate ABSs, says Townsend
The Solicitors Regulation Authority will rebuff any efforts to restrict its ability to regulate alternative business structures (ABSs) that are 100% owned by non-lawyers, its chief executive has said. There are suggestions of a compromise on its ABS licensing application that would mean the SRA not regulating ABSs that are wholly externally owned, at least initially.
Law Society: SRA has “no coherent vision” for insurance reform
Excluding claims by financial institutions from compulsory professional indemnity insurance cover will harm consumers and smaller law firms, cut access to justice and do little to reduce conveyancing claims, the Law Society has said.
Claims company reveals plan to become ABS
A car accident claims manager has revealed its intention to become an alternative business structure, Legal Futures can report. Hampshire-based Vamco, which specialises in repair management and credit hire, is planning to take over a branch office of Nesbit Law Group, which is currently located in the same building under the name Kingsley Law.
Appeals decision threatens prospect of SRA becoming an ABS licensing authority
The Legal Services Board is pressing ahead with plans to make the new regulatory chamber of the First-tier Tribunal the sole venue for appeals against decisions made over ABSs, despite strong objections from solicitors. It is a move that could damage hopes that the Law Society council will next month approve the Solicitors Regulation Authority’s application to become an ABS licensing authority.
Revealed: nearly 350 firms apply for Conveyancing Quality Scheme
Some 342 law firms have applied to join the Conveyancing Quality Scheme (CQS) since it opened last month, the Law Society has revealed to Legal Futures. A spokesman said the number is growing rapidly, with around 20 new applications a day at the moment.
Ombudsman highlights risk of rising complaints following Jackson reforms
Implementation of the Jackson reforms could have an impact on the number of complaints against solicitors, the Legal Ombudsman has told the government. It said ending recoverability could cause consumers “to take more of an interest in their lawyers’ fees”.
LeO to show its claws with High Court order forcing solicitor to comply
The Legal Ombudsman (LeO) is to show its claws for the first time by seeking a court order to force a solicitor to provide access to documents, it has emerged. It will be the first use of LeO’s powers under the Legal Services Act.
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.
