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…
UK Ministry of Justice reportedly explores interest on client account to support free legal advice
The UK Ministry of Justice (MoJ) is reportedly exploring the potential for requiring interest earned on pooled client accounts to fund legal services for those who cannot afford them. It has commissioned research from independent consultants into the practices of law firms in England and Wales in relation to the handling of interest on client…