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The Solicitors Regulation Authority has closed down a Manchester law firm, more than four months after banning its director from conveyancing and ordering him to go on a mortgage fraud and money laundering course.

Law firms should issue two separate retainers to clients where they are provided with consumer credit as well as purely legal services, the Legal Ombudsman has suggested.

Failure to undertake continuous professional development will be an “aggravating factor” when enforcement decisions are made against those guilty of incompetence, the Solicitors Regulation Authority has said.

The Legal Services Board still has “concerns” about the way the Solicitors Regulation Authority approves applications for alternative business structures and will not be ending its monitoring for the time being, it has emerged.

There is an increasing risk of law firms failing to have adequate systems and controls to prevent, detect and report money laundering and terrorist financing, the Solicitors Regulation Authority has warned.