The Quality of Collection Services Act, effective April 1, extends beyond debt collection agencies to encompass lawyers engaged in extrajudicial collection activities. It aims to enhance the quality of such services and address abuses in the sector, in line with coalition agreements. The Act applies specifically to extrajudicial collection activities performed or offered by professionals…
Solicitors Regulation Authority of England and Wales publishes latest annual reports
The Solicitors Regulation Authority (SRA) has published its suite of annual reports, which cover five core topics, these are: ‘Anti-money Laundering‘, ‘Authorisation‘, ‘Client Protection‘, ‘Education and Training‘ and ‘Upholding Professional Standards‘. Key findings from the reports include: There has been a year-on-year increase in the number of solicitors qualifying through apprenticeships, firms offering recognised training…
Legal Sector Affinity Group for England and Wales publishes new guidance on anti-money laundering and SRA sectoral risk assesment
The Legal Sector Affinity Group (LSAG) which is made up of representatives from the different regulatory and representative bodies in the legal profession, releases information and guidance for legal services professionals. The LSAG 2020 guidance provides a detailed commentary on recently amended UK regulations on money laundering (as well as the 2017 regulations). The LSAG…
Singapore: unclaimed Money Fund to fund pro bono services
Recent amendments to the Legal Profession Act, passed in Parliament on 20 March, have provided a practical solution to unclaimed client money. Currently, if a client becomes uncontactable, the legislation does not provide for what happens to unclaimed client money, and a law practice would have to continue to hold such money. The amendments to…