SRA Update
Welcome to the latest issue of SRA Update. You will likely have already read about our decision to intervene into Axiom Ince and its potential impacts on the public and the profession. This is a serious matter and we understand your concerns. Given there are ongoing investigations we are limited in how much we can say on the case. However, in this edition we reflect on some of the key questions it raises in terms of the compensation fund, client protection and how we reduce the risk of similar failures in the future. These questions don’t have easy answers and resolving them will require careful thought and engagement with the sector. We will be engaging with you – and providing further updates in SRA Update – as we take this work forward.
Also this month, you can read our annual report on anti-money laundering work, which highlights examples of both good and bad practice in this area, as well as new resources we have published to help solicitors comply. You can also find out about our review of the transparency rules, which saw firms acknowledging the benefits they can bring in attracting new clients. Finally, please do join us for the virtual version of our annual compliance conference next week. Thousands of solicitors will be joining us across four days and eleven sessions. You can pick and choose which sessions are relevant to you. Last year 98% fed back that the event was good or very good.
Paul Philip
Chief Executive
Welcome to the Compliance News section of the latest issue of SRA Update. You will likely have already read about our decision to intervene into Axiom Ince and its potential impacts on the public and the profession. This is a serious matter and we understand your concerns. Given there are ongoing investigations, we are limited in how much we can say on the case. However, we have reflected on some of the key questions this case raises in terms of the compensation fund, client protection and how we reduce the risk of similar failures in the future. This case does raise questions and resolving them will require careful thought and engagement with the sector. We will be engaging with you – and providing further updates in SRA Update – as we take this work forward.
Also in this issue, you can find out about the extension to the Office of Financial Sanctions Implementation’s general licence for legal services. Finally I wanted to say thank you to all of those who attended our annual conference last month. It is a great opportunity to talk to you and hear about what’s on your mind, although with nearly 900 of you in attendance, apologies to those I didn’t get the chance to chat with. If you weren’t able to attend – or perhaps wanted to watch a session you didn’t manage to make it to on the day – you can catch up next week at our virtual compliance conference. Run over four days, you can pick and choose which sessions are relevant to you.
Paul Philip
Chief Executive