The Legal Services Board (LSB) of England and Wales has proposed a new draft business plan for 2025/26, aiming to address systemic challenges in the legal sector and advance its ten-year strategy for delivering fairer outcomes, stronger confidence, and better services. This plan builds on previous initiatives while targeting new priorities to enhance regulation and…
Dedicated guidance issued to support in-house solicitors in England and Wales
On 18 November 2024, the Solicitors Regulation Authority (SRA) released comprehensive guidance tailored to support the over 34,500 in-house solicitors working across England and Wales. This initiative, developed in response to stakeholder feedback and issues highlighted in the SRA’s 2023 thematic review, aims to address the unique challenges faced by in-house lawyers across diverse sectors…
Solicitors Regulation Authority: Convictions highlight Chinese ‘underground banking’ danger
The recent convictions of seven individuals involved in a Chinese underground banking network highlight the complexities and risks associated with money laundering through informal value transfer systems (IVTS). This network was responsible for laundering over £55 million between February 2020 and June 2023, utilizing methods that circumvent traditional banking systems and national currency controls. The…
Anti Money Laundering Suspicious Activity Reports thematic review initial findings
The Law Society of Scotland’s Anti-Money Laundering (AML) team has published initial findings from its thematic review of Suspicious Activity Reports (SARs), indicating robust procedures in many firms but also highlighting areas needing improvement. The review, which examined 50 legal practices via a questionnaire, aimed to gauge the profession’s grasp of the SAR regime and…
The role of regulation in promoting diversity – or why the regulator should not stay out of the way
In a recent blog post, Mark Neale, Chief Executive of the Bar Standards Board of England and Wales, rebutted the suggestion from the Chair of the Bar Council that the regulator should “stay out of the way” concerning issues of equality and diversity within the legal profession. The Bar Standards Board very different stance on…
Conveyancers should move away from holding client accounts
Licensed conveyancers in England and Wales are being encouraged to transition away from maintaining client accounts, as discussed at a round-table hosted by the Council for Licensed Conveyancers (CLC). The discussion highlighted the risks and regulatory burdens of managing client accounts, including compliance, cybersecurity, and anti-money laundering efforts. Contributors to the discussion from the payments…
It pays to be clear and upfront with clients about legal fees
The Scottish Legal Complaints Commission (SLCC) recently published an article in the Scotsman newspaper highlighting the need for Scottish solicitors to be more transparent about their pricing and the overall costs of legal services. The SLSCC referenced recent research by Consumer Scotland which showed that although the price of services is only one consideration in…
Asylum services review highlights general good practice and areas for improvement
The Solicitors Regulation Authority (SRA) has published a thematic review of 25 legal firms in England and Wales providing asylum services, following up on its 2022 immigration thematic review. The review assessed how these firms handle daily asylum support, supervision, and training, aiming to highlight best practices across the sector. Key findings indicated that most…
LSB annual report shows progress in driving up standards and ensuring regulation increases public trust
The Legal Services Board (LSB) released its Annual Report for the financial year ending March 31, 2024. The report outlines the LSB’s efforts to ensure that legal regulation adapts to serve societal needs more effectively. Key developments in 2023-24 were the LSB’s first assessment of legal regulators against its new performance framework, which revealed the…
Solicitors Regulation Authority gives go-ahead for CILEX change
On July 1, 2024, the Solicitors Regulation Authority (SRA) Board agreed it would potentially regulate Chartered Institute of Legal Executives (CILEX) members, if CILEX decides to redelegate this to the SRA. This follows CILEX’s 2022 proposal to transfer the regulation of its members from its own independent regulatory arm, CILEX Regulation, to the SRA. The…