Press release archive for 2018

October

Positive response to Outlook, 30 October 2013

The Risk Outlook sets out our view of key risks and the approach we take to managing them.

Firms reminded of PII deadline, 30 October 2013

Our Financial Protection Policy, published in April 2011, was designed to ensure the market for professional indemnity insurance remained competitive.

Diversity data deadline, 30 October 2013

We contacted you during the summer to inform you of your diversity data collection requirements.

SRA statement: Government technical notice of the implications of a ‘no deal’ EU exit for the legal sector, 12 October 2018

The Government has published a technical notice - Providing services including those of a qualified professional if there’s no Brexit deal - which covers how professions and services will be regulated if there is no deal.

Have your say through money laundering survey, 3 October 2018

We are supporting research being carried out by The Institute for Criminal Policy Research (ICPR) into how professionals such as solicitors can inadvertently help money launderers.

SRA publishes price transparency guidance, 2 October 2018

Ahead of the introduction of new price transparency requirements within the legal sector, we have issued guidance on what price and service information firms must publish on their websites from this December.

Research finds publishing prices may increase law firms' market share, 2 October 2018

Proactively publishing prices debunks misconceptions over the cost of using a solicitor compared to other professions offering similar services, new research published today has found.

SRA publishes rules for European Insurance Distribution Directive, 1 October 2018

We have published our rules for dealing with the new Insurance Distribution Directive.

September

Last weeks to arrange cover, 17 September 2013

As we described in the July edition of SRA Update, the next indemnity year marks a watershed for professional cover for solicitors.

Open event showcases regulation recruitment, 11 September 2013

Potential careers in regulation can be explored at a special open event taking place in Birmingham City Centre next week.

Financial stability update, 11 September 2013

You will know from previous bulletins that as part of the ongoing financial stability programme, we are collecting financial information from around 2,000 firms to assess the level of financial difficulty they might be facing. Of those 2,000 firms, there has been ongoing supervisory e...

Changes to consumer credit regulation, 11 September 2013

On 1 April 2014, the Financial Conduct Authority (FCA) will take over the regulation of consumer credit activity from the Office of Fair Trading (OFT). This will change the way consumer credit activities carried out by solicitors' firms and alternative business structures are regulate...

Recent £7m losses see regulator urge caution over new legal business partners, 4 September 2018

Solicitors have been urged to make sure that the credentials of people approaching their firm to offer business expansion are genuine.

Solicitors urged to check frozen asset list, 3 September 2018

Solicitors have been urged to check the HM Treasury frozen assets review to make sure they are not holding monies belonging to a client that is subject to financial sanctions.

July

Reports of money laundering, cybercrime and dubious investment schemes all on the rise, says the SRA, 25 July 2018

The risks posed to the public and law firms from money laundering, cybercrime and dubious investment schemes have all reached record levels, according to new statistics.

SRA announces appointment of new Chair, 25 July 2018

We have announced that Anna Bradley will succeed Enid Rowlands as the new Chair of the SRA Board, with effect from 1 January 2019.

Assessing the risk landscape, 16 July 2013

In April, we asked your compliance officers to help us with our Risk Severity Survey, which would contribute to a new element of severity to use in our approach to risk assessment.

Keeping mySRA up to date - and secure!, 16 July 2013

It is important to keep your details updated on mySRA during the year – not just at PC renewals time.

Workforce diversity data, 10 July 2014

We are committed to the promotion of an independent, strong, diverse and effective legal profession. Firms regulated by the SRA have to collect, report and publish data about the diversity make-up of their workforce.

Making consent requests less painful, 10 July 2014

The UK Financial Intelligence Unit (UKFIU) has asked us to provide guidance on how to make consent requests. Consent requests from solicitors have played a key role in investigations relating to a range of crimes.

Changes to education and training regulations, 10 July 2014

The Legal Services Board (LSB) has approved the changes to the training regulations that were recently proposed by the SRA Board, and the new regulations are now in effect. The changes form part of the SRA's ongoing Training for Tomorrow programme of reform and Red Tape Initiative. Th...

Our response to the ICCR report, 10 July 2014

At the beginning of June, we published our response to Professor Gus John's Independent Comparative Case Review (ICCR) report, which was published in March this year, and which is available at www.sra.org.uk/iccr.

Ensuring continuing competence, 10 July 2014

On 21 May 2014, the SRA Board agreed to implement a new approach to ensuring continuing competence. This will involve reforming our existing continuing professional development framework so that regulated entities and individuals have the freedom and flexibility to determine how best ...

European Insurance Distribution Directive approach approved, 5 July 2018

We have had our approach to dealing with the new European Insurance Distribution Directive approved by the Financial Conduct Authority (FCA) and Legal Services Board (LSB).

June

Regulators publish reports into criminal advocacy standards, 27 June 2018

Barristers and solicitor advocates representing clients in criminal courts are generally delivering a competent service to the public, two reports released today have found.

LETR research report published, 25 June 2013

The Legal Education and Training Review (LETR) research report has been published.

Law firms reminded of their obligations as new PPI fee cap comes into force, 20 June 2018

With the introduction of a new 20 percent cap due on 10 July, law firms have been reminded that when handling claims for mis-sold payment protection insurance (PPI) they must make sure they are acting in their client’s best interests and charging clients appropriately.  

SRA announces detail of regulatory reforms , 14 June 2018

We have finalised the package of reforms designed to provide solicitors and law firms with greater flexibility over how they operate, making legal services more accessible to the public.

Information gap to be addressed as SRA confirms that law firms to publish prices and protections, 14 June 2018

Law firms must publish information on the prices they charge for certain public-facing services and also display a new badge showing the protections their regulated status gives customers, under new measures we have confirmed.

2018/19 contributions to the Compensation Fund, 12 June 2018

We have set the level of contributions to the Compensation Fund for 2018/19. Contributions for solicitors will increase by £50 - from £40 to £90. Firm contributions will increase by £902, from £778 to £1,680.

Laying out the risk process, 4 June 2013

Next month, we will be launching our Risk Outlook, outlining how we view the key risks to our regulatory objectives.

COLPs and COFAs conference, 4 June 2013

Our first annual conference for COLPs and COFAs will be held on Wednesday, 16 October at the Hilton Birmingham Metropole Hotel, located at the National Exhibition Centre, Birmingham.

March

LSB gives go-ahead to the first stage of reforms to how solicitors qualify, 27 March 2018

Responding to the Legal Services Board's approval of the framework for changes to how solicitors are admitted to the profession, employers and education suppliers are being urged to push ahead with their preparations for the introduction of the Solicitors Qualifying Examination(SQ...

SRA consults on changes to legal insurance and compensation rules, 23 March 2018

We have today published proposals designed to make sure users of legal services get the appropriate level of protection, and in turn benefit from a more competitive marketplace and increased choice. The proposed changes would see the removal of the current ‘one-size-fits-all’ rules on...

SRA statement: CBL Insurance Europe dac (CBLIE), 20 March 2018

On 26 February 2018, the Central Bank of Ireland (Central Bank) announced that CBL Insurance Europe dac (CBLIE) had been placed into provisional administration.

Call for solicitors to provide clearer conveyancing information, especially to first-time buyers, 16 March 2018

While most customers (76%) are satisfied with the legal services they receive when buying or selling a property, there are concerns over the quality and timeliness of information being provided to them during the process.

COLPs and COFAs asked to contribute to survey on risk severity, 12 March 2013

The COLP and COFA community will soon be asked for their views on a new element to our methodology for the risk assessment of firms.

No excuse for inappropriate use of NDAs, law firms warned, 12 March 2018

We have warned law firms that non-disclosure agreements (NDAs) should not be used to prevent the reporting of professional misconduct.

Money laundering review finds most law firms doing well but urges others to comply, 2 March 2018

Our review of 50 firms has shown that although most law firms are doing what is needed to tackle money laundering, some need to do more.

January

QASA to progress, 28 January 2014

The High Court announced its ruling on Monday 20 January in favour of the Quality Assurance Scheme for Advocates (QASA) proceeding, but with some minor amendments.

Greater price transparency would help people make better choices about legal services, 25 January 2018

The majority of solicitors do not advertise prices, despite evidence that customers are willing to shop around, and are more likely to make 'good financial decisions' when prices are more readily available.

New AML rules lead to mandatory information request, 22 January 2018

New anti-money-laundering regulations introduced by the Government mean that we require comprehensive information from law firms about people working in certain roles.

Workforce diversity data collection, 14 January 2014

The deadline for those firms who have yet to submit their aggregated workforce diversity data is 31 January. If your firm fails to complete the exercise by then, it is in danger of facing regulatory action.

SRA priorities for 2014, 14 January 2014

The SRA's key operational priority will continue to be firms facing financial difficulty. Our work over the past year has shown the benefits of engaging early with the SRA in these circumstances.

Confidentiality of client data: Are you at risk?, 14 January 2014

Protecting the confidentiality of client data is a key responsibility for regulated firms. It is extremely important for you to be aware of IT security risks to the information you hold. These risks could result from hacking, virus programs or a wide range of different forms of "cyber...

Senior retail expert named as SRA lay Board member, 11 January 2018

A customer-focussed managing director with wide-ranging retail sector experience has been named as our new lay Board member.

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