Issue 29 - November 2018

Welcome to the latest issue of Compliance News, the newsletter for COLPs and COFAs.

This issue features next month’s compliance officer conference. Moving to a larger venue, this year’s event is set to the biggest so far. Topics covered will include anti-money laundering, cybercrime, as well as our new Transparency Rules. We have announced that these new rules will come into force from 6 December. Our aim is to help the public with their legal choices, but it also offers the chance for law firms to win new business.

You can also find out about our new digital badge, which offers the opportunity for you to promote the extra protections the public gets from using a regulated law firm.

Other issues covered in this issue include the potential implications of a no-deal Brexit on registered European lawyers and the need to let us know if you have started providing financial services.

Our Transparency Rules will come into effect on 6 December. By publishing basic details about certain services that you provide, you can help people to find the services they need and grow your client base.

Read more about: Price transparency

Have you booked your place at our Compliance Officers conference? Taking place on 11 December in Birmingham, this offers you up-to-date information on key compliance topics. These include our reforms and rule changes (including publishing prices) and protecting your firm from cybercrime and money laundering.

Read more about: Conference 2018 – secure your place!

During the renewal period, you should have indicated if your firm carries on financial services activities so that you can be included on the Financial Conduct Authority (FCA) register. If you are thinking of carrying on these activities and need to let us know, you can do so through an online form.

Read more about: Financial services

As part of its new money laundering rules, the Government created an oversight watchdog for all professional regulators, the Office for Professional Body anti money laundering Supervision (OPBAS). We were visited by OPBAS officers in the summer, who identified some areas for further work.

Read more about: OPBAS review

The Government has produced papers on technical aspects of what could happen if the UK leaves the European Union without an exit deal in place. We have assessed the potential implications for the profession, specifically for Registered European Lawyers working in England and Wales.

Read more about: No-deal Brexit

The new assessment to ensure consistent, high standards for qualifying solicitors, the Solicitors Qualifying Examination (SQE), will be introduced in autumn 2021, with the candidate fee likely to range between £3,000 - £4,500.

Read more about: SQE launch and cost

We are completing research to evaluate the early stage impacts of our new approach to continuing competence. The survey, which closes on Friday 23 November, should take no longer than 15 minutes to complete.

Read more about: Continuing competence survey

We will once again be at the LegalEx conference at ExCel in London on March 27 and 28. The event is aimed at business growth, professional development and cyber security in the legal sector. We are holding a series of seminars looking at these issues as well as innovation and changes to our regulation. We also have a stand in exhibition hall.

Read more about: Events – LegalEx