SRA Update

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Issue 12 – February 2010

SRA Update brings you the latest information about the work of the Solicitors Regulation Authority. It includes important news for solicitors and others working in legal services.

In this issue...

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Rule 2 changes – remuneration certificates, complaint handling

Make sure you're on board with changes—coming into force on 1 March—to rule 2.05 of the Solicitors' Code of Conduct, reflecting the repeal of the Solicitors' (Non-Contentious Business) Remuneration Order 1994, and replacing emergency rule 2.08.

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"Arm's length" conveyancing transactions – case study

When is a conveyancing transaction "at arm's length"? Rule 3.07(2) provides that you must not act for more than one party in a conveyancing transaction other than as permitted by rules 3.08 to 3.15. This case study is based on real events dealt with by the SRA.

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OFT anti-money-laundering registration deadline

You need to check if you are affected by the Office for Fair Trading (OFT) announcement requiring all businesses it supervises to be registered with it by 31 January 2010. The OFT strongly recommends any supervised businesses that missed the deadline to register immediately to avoid any possible sanction.

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Financial services rules – sale and rent back agreements, PLUS market

The Solicitors' Financial Services (Scope) Rules 2001 were amended on 20 January 2010 to reflect regulation of sale and rent back agreements as well as developments in corporate finance.

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Civil recovery – acting for a retailer

If you act for a retailer who is considering taking, or threatening to take, an action against its customers or employees for civil recovery of its costs, you may need to consider and weigh up the duties you owe to your client against those you owe to third parties and to the court.

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Achieving the right outcomes – learn about our plans

Outcomes-focused regulation is how the SRA will operate from next year, concentrating on the high-level principles governing practice and the quality of outcomes for clients, rather than tick-box compliance with rules. You need to know what we are planning, and how it may help your practice in the changing legal services landscape.

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In brief

Contact us

Until 5 March 2010, we are piloting extended opening hours. Our contact centre line (0870 606 2555) will be open Monday to Friday, from 08.30 to 18.00—instead of from 09.00 to 17.00.

For information about the Solicitors' Code of Conduct, contact the Ethics Helpline on 0870 606 2577, from 09.00 to 17.00, Monday to Friday.

Open consultations – have your say
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