Issue 35 - November 2019
21 October 2019
Welcome to Compliance News, the last of the year.
We have a summary of what you need to know ahead of our new Standards and Regulations coming into effect, that includes guidance and support materials about how our reforms might affect you, what opportunities there might be for your firm, and what you might need to do to make sure you are ready and remain compliant.
We have also published the resources from our annual conference, held on 30 October, so that those of you that could not attend can get up to speed with what was discussed, including the reforms, money laundering and cybercrime.
Our new Standards and Regulations go live on 25 November. We have published guidance and other resources to help you prepare for their introduction, including considering the opportunities that they provide to work differently or deliver services in new ways.
Ahead of our new Solicitors Register going live on 25 November, it is important that all solicitors check their details are up-to-date within their mySRA profile. Learn more about the Register and what information will be published on those who work in your firm.
From 25 November, all firms with a website must display our clickable logo. Most firms are already using it to promote the extra protections you get using a regulated law firm. We have also responded to concerns about how data from the clickable logo is collected.
Those of you who attended our conference at the end of last month were part of our largest event yet. Those of you who were not able to join us can still catch up with what was discussed in the main sessions by viewing videos and presentations of the event on our website.
Ahead of the conference, we published our latest Risk Outlook, which outlines what we believe are the biggest current threats to the interests of clients. You should read the information in the Outlook and assess how the risks might affect your firm, then take steps to mitigate against the risks as much as possible.
A review of firm’s money laundering risk assessments over the summer showed that too many firms are not complying with Government regulations. We have therefore published a warning notice and scheduled further action to check all firms captured by the 2017 regulations.
We are aware that for some it is getting harder to obtain professional indemnity insurance. You need to tell us if you have not yet secured cover so we can help you protect the interests of your clients. If you have not already notified us, you should do so immediately.
Owners of closed firms should be aware that the Solicitors Indemnity Fund (SIF) is closing on 30 September 2020 and will not provide post six-year run-off professional indemnity cover after this point. That means that former firm owners should consider whether they need to make arrangements to cover for claims made after that date. This also affects those of you looking to close in the near future.