SRA Update
Issue 125 - March 2024
Welcome to the latest issue of SRA Update. Below you can find out more about our on-going review of consumer protection arrangements and how to get involved. We are also taking bookings for our SQE virtual conference, and are soon to open this year’s Keeping of the Roll exercise. If you work in-house, you will find a whole section dedicated to you and the unique challenges you face. In particular you can find out about the range of new resources we are today publishing to help you in your day-to-day role. We are publishing these materials in draft format before they are finalised, as we are keen to give as many of you who work in house as possible the chance to review them and advise us on their content. Please do take a look and let us know your thoughts.
Paul Philip
Chief Executive
We have launched a review of consumer protection arrangements in response to shifting risks in the sector. The review focuses on how to reduce the risk that something goes wrong at a regulated law firm, while finding the right balance between protections and potential impact on the cost of legal services. Included in this review is consideration of compensation fund arrangements.
Read more about: Review of consumer protection measures under way
Are you a high street solicitor working in conveyancing or probate? Join our roundtable on 12 March. We’ll be discussing our consumer protection review, including the current compensation fund and client account arrangements. We will explain more and take your questions on why we are doing this review, its aims and some of the ideas and issues we want to explore.
Read more about: Roundtable for high street solicitors – consumer protection
We have published information regarding our investigation into the SSB Group and clients being pursued to pay costs in relation to failed “no win, no fee” cavity wall insulation (CWI) litigation claims.
All solicitors without a practising certificate who want to remain on the roll need to make an annual application to do so. This year, the application window for doing this will open on 3 April and close on 28 May.
Sign up to our free Solicitors Qualifying Examination virtual conference taking place on Friday 22 March. You can hear all about the latest annual reports and insights from the assessments. There will also be perspectives and experiences on qualifying work experience from both employers and candidates.
A reminder that the Legal Ombudsman changed its PO Box address on 22 January. You might have this information on your complaints details given out to clients, so make sure you are providing the correct address.
Thinking of investing in tech? Don’t know where to start? Our latest feature in Lawtech Insight has advice on integrating tech with existing systems, data security, staff engagement and more.
Lawyers from other jurisdictions that have QTLS MCT and have passed the SQE2 only have until 31 March 2024 (inclusive) to apply for admission as a solicitor. This includes those who took SQE2 in October and will get results on 20 February. Those who have failed the SQE2, or not taken it at all, will have to restart their SQE qualification route.
Read more about: Qualified Lawyers Transfer Scheme (QLTS) admission deadline
Are you worried about your health affecting your work? Life as a solicitor can be challenging and the demands and pressures can easily build up. We can signpost you to sources of help and make adjustments for you if you are in difficulty
Focus on in-house
Responding to feedback we have received over the past 12 months, we have published a new suite of draft guidance and resources designed specifically for in-house solicitors. Learn more about these materials, what issues they cover, and how you can provide feedback on the content.
As part of our suite of proposed new materials to support the in-house community we have published draft guidance designed for you to share with your employer. This material explains a solicitor’s professional obligations, outlines how these may impact what they can or can’t do, and provides advice on how an organisation which employs solicitors can support them in their role.
With many in-house solicitors working within large umbrella organisations, group structures, or organisations that provide services to third parties, it is not always easy to identify exactly who your client is for any given legal matter. Our new draft guidance seeks to provide you with support in this area and in understanding what requirements follow depending on who the client is.
We have published draft guidance which aims to help you better understand your professional obligations when you are concerned about actions or decisions taken by the organisation that employs you. This includes escalating and reporting your concerns internally, and when you should consider making a report to external authorities.
Relevant to both in-house solicitors, and those working in law firms, we have published draft guidance designed to help you understand and manage regulatory risks and issues associated with conducting an internal investigation.
Read more about our wider work and resources to support in-house solicitors, including how you can get involved in our virtual reference group, which helps us consider and draft new support materials tailored specifically to those working in-house
Welcome to the latest issue of Compliance News. This month we have our updated sectoral risk assessment that outlines all the major issues to be aware of when it comes to legal services and guarding against money laundering. There have also been further changes to the high-risk third countries list that you might need to be aware of, there’s support available for firms dealing with the Government’s financial sanctions regime and catch up with our recent webinars on money laundering risk assessments.
Paul Philip
Chief Executive
Our money laundering sectoral risk assessment is a key weapon for both us and firms in the fight to keep criminal cash out of legal services. Practices should have particular regard to it when creating their own firm-wide risk assessments. We have recently updated our assessment, which now includes a new section on sanctions.
High-risk third countries are no longer listed in the money laundering regulations. Firms must now check the Financial Action Task Force (FATF) website for the list of countries where specific enhanced due diligence measures are required.
Our financial sanctions survey last year revealed that more than 1,000 firms potentially do not have the required controls in place. We have therefore written to those firms to offer support and advice to make sure they are getting things right, for example with guidance on creating a firm-wide risk assessment.
Read more about: Financial sanctions regime – support for firms
Hear useful tips and advice on how to complete your client matter risk assessments. Having these in place is a legal requirement and we can help you complete thorough and robust assessments, including talking through how our template works.
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