SRA Update
Issue 100 - February 2022
Welcome to the latest issue of SRA Update. In this edition you can find information on our latest firm diversity data, which shows that diversity in the profession continues to improve, albeit slowly. There is still clearly much more to do, particularly at senior levels. We are also seeking your views on a range of subjects. Our consultations on options for the future of post six-year run-off cover and the Solicitors Indemnity Fund, and separately on our fining powers, are coming to a close, but there is still time for you to have your say. Please do make time to contribute to our research projects, helping to everyone to understand the sector better.
Paul Philip
Chief Executive
You have just less than two weeks to have your say on the options for the future of post six-year run off cover and the Solicitors Indemnity Fund (SIF). Our consultation runs until 15 February. Read the consultation to better understand the issues and have your say on this important matter.
We held a webinar to outline the options for the future of post six-year run-off cover and the SIF in December. If you want more details. watch Tracy Vegro and Chris Handford explain the current situation.
Read more about: Find out more on SIF options in our webinar
With consultation currently open on our proposals to update our financial penalties for solicitors and the firms we regulate, we’d like to invite you to have your say by completing a short survey on the key issues.
Read more about: Give your views on financial penalties via short survey
Diversity within law firms is continuing to slowly improve year-on-year, with smaller firms increasingly more diverse than larger ones. Find out more about what has changed and how your firm compares with other similar practices in our latest data publication.
Read more about: Latest diversity data shows improvements, but more to do
The results for the first ever Solicitors Qualifying Examination (SQE) assessment are now available for candidates to access, with 53 per cent passing. The assessment was introduced to provide assurance that all qualifying solicitors had met a consistent standard. All the analysis shows that this assessment is fair, reliable and valid.
If you want to find out more about the first SQE1 results, more details on the results and what the next steps are - including SQE2 - watch our webinar on Tuesday 15 February. This free event takes place at 10am and features our Director of Education and Training, Julie Brannan, and colleagues from our assessment providers, Kaplan.
Read more about: SQE1 webinar – find out more about what happened
How acceptable do the public and small to medium enterprises find using technology-based solutions when accessing legal services? Take our brief 10-minute survey and let us know. Your feedback, plus that from consumers, will help us better understand and consider how we regulate the future of legal technology.
Read more about: How do your clients feel about using legal technology?
Everyone in a law firm shares the responsibility to keep the proceeds of crime out of the profession. Some have a specific role to play, however, so we are holding a free webinar on Tuesday 22 February to look at what it means to be a Money Laundering Compliance or Reporting Officer. Join us to fund out more.
Read more about: Money laundering officers, what they need to know - webinar
We are reviewing our approach to annual practising fees discounts. We want to know if you think there are circumstances where offering a discount may be appropriate such as maternity/parental leave, significant caring duties or long-term ill health. Take our survey by 28 February 2022.
Our Board welcomes two new members in 2022. Lisa Mayhew and Nicola Williams have joined us with Lisa having already started on 1 January and Nicola taking up her post in September.
There have been high-profile cyber attacks both here and in Ireland in recent months. Go to our cybercrime pages to see if you are doing all you can to keep your firm and your clients safe from cybercriminals.
Read more about: Learning the lessons from Cybercrime incidents
We have commissioned new research which will take a wide-ranging look into what gaps in legal provision may exist across England and Wales, and what impact this might have on different groups of consumers. The independent study will be led by Bayes Business School of City University London.
The Legal Ombudsman has produced a number of resources to help firms dealing with complaints about service from dissatisfied former clients.
Read more about: Ombudsman provides information and help on complaints
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.
Welcome to the latest issue of Compliance News. This issue contains guidance on administering oaths or statutory declarations outside of your normal practice, which a number of you asked for. There is also guidance on determining whether or not your firm falls under the scope of the money laundering regulations, while we have outlined some of the challenges law firms might face in the next year in our latest Risk Outlook.
Paul Philip
Chief Executive
We have produced new guidance for those solicitors administering oaths outside of their normal practice. This can often be a useful service provided by many of you and your colleagues and we have been asked for more information about how this work relates to our Standards and Regulations.
Read more about: Guidance on administering oaths or statutory declarations
If you deal with property sales that involves leaseholds, read our latest guidance to make sure you are aware of the risks for your clients. The Government has also recently published its expectations about this work, so make sure you don’t fall foul of our Standards and Regulations.
Working in partnership with the Bar Standards Board and CILEx Regulation, we have published guidance to make sure those working in coroners’ courts uphold the high professional standards expected of them. The guidance has in part been driven by concerns about adversarial approaches being taken in some cases.
Read more about: New guidance for those working in coroners’ courts
Find out what we think the risks and opportunities for the legal services market in the coming year might be through our new Risk Outlook, which looks at how the sector could be affected as we all adapt to a ‘new normal’.
Not all firms are aware that their work brings them into scope of the Money Laundering Regulations 2017 and the various amendments. Our new guidance helps you determine whether or not you might be captured, and outlines what you’d have to do in terms of authorisation and procedures if that’s the case.
Read more about: Are you in scope of the money laundering regulations?
We looked at the training records of more than 100 firms involved in youth court advocacy to see how they were keeping their skills up to date. We found that the majority were doing what was needed, but there was room for improvement with others.
Find out about the most common challenges and issues facing money laundering compliance and reporting officers from 50 firms we visited last year. We highlight how well they are performing – and where their firms could give them greater support.
Read more about: Key money laundering roles – the three pillars of success
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