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…
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…
Law Society of Scotland publishes initial AML attestation findings
The Law Society of Scotland has published its initial findings from its new AML attestation process. This is the first step in a new regime and involved selected firms to complete the new attestation document. The Law Society has found the first set of responses has highlighted some interesting points: R.21 requirements appear to be…
The Solicitors Regulation Authority of England and Wales annual compliance officers conference goes hybrid
This key annual conference attracted 600 people to the face-to-face event, followed by more than 33,000 views of virtual sessions the following week. The programme covered topics including: Money laundering The SQE and what it means for your firm Innovation and technology – how can technology help firms spot risks and comply with regulatory obligations…
The Bar Standards Board of England and Wales moves to the next step of its project to ensure barristers practices comply with the Bar transparency rules.
The Bar Standards Board is beginning the next phase of its work regarding the Bar transparency rules which came into force in July 2019. This involves ensuring all barristers’ practices comply. The Bar transparency rules are designed to help the public make informed decisions about barristers’ services and improve the information available to the public before they…
Solicitors Regulation Authority publishes compliance officers conference online
The Solicitors Regulation Authority of England and Wales (SRA), has published recordings of their recent compliance officers (COLP) conference on their website. Due to the content of the conference, looking at regulatory and compliance developments, ICLR members may well find the content interesting and relevant to their own regulatory work. Sessions included: Discussions around rule…
Regulating Law Firms from the Inside: The Role of Compliance Officers for Legal Practice in England and Wales
Following the Legal Services Act 2007, which permitted the delivery of legal services through Alternative Business Structures (ABS), the Solicitors Regulation Authority required all regulated legal service firms to appoint Compliance Officers for Legal Practice (COLPs). COLPs are charged with taking reasonable steps to ensure that firms comply with their obligations, which entails interpreting what…