Compliance & Regulation
SRA targets accountant’s reports and sole owners in shake-up
All law firm accountant’s reports will have to be submitted to the SRA in future, and sole owners will not generally be allowed to hold compliance roles too, under proposals published today.
SRA shuts down four law firms in three days
The Solicitors Regulation Authority has shut down four law firms so far this week – two of them connected to the same man.
Don’t forget human support in the rush to digital, lawyers told
Both the structure and delivery of legal services – such as a lack of guidance and reactive communication – can cause difficulties for consumers, new research has found.
LSB: “Significant concerns” over viability of Legal Ombudsman
The Legal Services Board has expressed “significant concerns about the viability” of the Legal Ombudsman scheme as it struggles to get its caseload under control.
Law firms need to keep “meaningful offline routes” to services
Digitally excluded consumers need law firms to maintain “meaningful offline routes” to services because “digital transformation is not inherently progressive”, says a report for four legal regulators.
Government to ratchet up pressure on “corrupt” lawyers
The government yesterday pledged further action to target professional enablers of fraud, like corrupt lawyers, and called for “innovative” approaches to strengthening ethics.
Tribunal lifts restrictions on solicitor who failed to pay PII premiums
The SDT has lifted all restrictions on the future practice of a solicitor who was indefinitely suspended for failing to pay indemnity insurance premiums.
Reports of bullying and harassment by barristers almost double
The number of reports to the Bar Standards Board of bullying and harassment has almost doubled in the last year, the regulator has revealed.
SRA will take “sympathetic” approach to pre-Mazur breaches
The SRA will respond “sympathetically” to self-reports from those who may have been operating incorrectly under the terms of the Mazur ruling.
Conditions removed from work of solicitor suspended over drugs
A City solicitor suspended for a year after a second police caution for possessing cocaine has had conditions on his return to practice removed.
Solicitor fined for failing to spot money laundering red flags
A solicitor who failed to spot red flags for potential fraud/money laundering while acting on two loans worth £464,000 has been fined £15,000.
Barrister disbarred for sexual harassment was in “position of power”
A senior male barrister who sexually harassed a female junior shortly out of pupillage “must have appreciated that he was in a position of power and importance” to her.
Solicitor jailed for using drug money to pay mortgage struck off
A solicitor jailed for 26 months last year for using drug money generated by his twin brother to pay a mortgage has been struck off.
Mazur appeal lawyer sets out Court of Appeal battleground
The Court of Appeal hearing the Mazur case will have to decide between statutory interpretation and “the contextual argument”, the solicitor bringing the appeal said last week.
SRA hands out £550k in AML fines in three months
The Solicitors Regulation Authority has levied fines totalling £550,000 in the past three months on law firms that breached basic anti-money laundering rules.
Blog
Is it time to change how law firms view compliance?
Although COFAs often hold senior positions and play an essential role in a firm’s financial and regulatory integrity, the perception of the compliance function itself is still evolving.
From templates to culture change: Lessons from the SRA on source of funds
The SRA’s new thematic review into source of funds and wealth reveals both progress and persistent blind spots, with source-of-funds checks too often thought of as a procedural hurdle.
Change in regulator shouldn’t make AML less of a priority
While SRA fines for AML have been climbing, many in the profession aren’t confident they will get any relief from the FCA, a body used to dealing with a highly regulated industry.
