Press release archive for 2018

Artificial intelligence (AI) will free up solicitors from lower-level work to carry out more complex tasks, a new report concludes.

We have launched a public consultation on potential changes to rules regarding how non-UK solicitors will qualify in England and Wales in the event of a no-deal Brexit.

A new digital badge that responds to the public’s demand for better information on the protections people get from using a regulated law firm has been launched

Solicitors have been reminded to adhere to all their professional obligations when engaged in litigation, and not to become “hired guns” just carrying out instructions that are in the best interests of clients.

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.

Price transparency and digital badge confirmed

The Government has published a technical notice - entitled 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.

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.

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.

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.

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

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

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.

With a year to go until the deadline for mis-sold payment protection insurance (PPI) compensation claims to be submitted, law firms have been reminded to make sure any applications they work are handled properly.

We are carrying out a survey to develop a better understanding of how firms and solicitors have responded to the legislative changes set out in the Government’s new money laundering regulations.

Solicitors have been reminded of their responsibilities when handling holiday sickness claims.

The Solicitors Regulation Authority (SRA) has restated its warning to law firms that they should not provide banking facilities through a client account to their clients or others, while providing further detail on how its rules apply in practice.

We have launched a public consultation on proposed changes to our rules regarding firms reporting potential misconduct.

We have appointed Kaplan as the assessment organisation to develop and run the Solicitors Qualifying Examination (SQE).

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

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.

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).

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

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) claims they must make sure they are acting in their client’s best interests and charging clients appropriately.

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.

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.

We have set the level of contributions to the Compensation Fund for 2018/19.

Research has shown that since the removal of the minimum trainee salary, trainee numbers have increased and they are more positive about their salaries, even though average trainee salaries have dropped.

The number of accountants’ reports being submitted for review to us has fallen by two-thirds since changes to the rules were introduced.

We have begun the search for a new Chair of the Board to oversee its work protecting the public and maintaining high professional standards.

We have set out the details of our work to protect the public and maintain high professional standards in our latest Annual Review.

We will go ahead with plans to make it easier for law firms to develop new ideas, including a ‘safe space’ for innovation.

Ahead of the Government’s introduction of a PPI fee cap, we have re-iterated our call for law firms to consider how much they charge in this area. This comes as our newly published thematic review on PPI reveals that four out of five firms active in this area are routinely charging fees of more than 25 percent of the redress they receive, with some charging as much as 50 percent.

Responding to the Legal Services Board’s approval of the framework for changes to how solicitors are admitted to the profession, the Solicitors Regulation Authority (SRA) has urged employers and education suppliers to push ahead with their preparations for the introduction of the Solicitors Qualifying Examination(SQE).

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 professional indemnity insurance (PII), meaning firms could take out cover that better reflects the work they do.

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

A newly published report by the Solicitors Regulation Authority (SRA) into the conveyancing market

We have warned law firms that non-disclosure agreements (NDAs) should not be used to prevent the reporting of professional misconduct. In a warning notice, we have reminded law firms that potential professional misconduct by a person or firm should be reported to us.

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.

Solicitors will not need to comply with the new European Insurance Distribution Directive until later this year,we have confirmed.

Data published today reveals that while the overall legal sector is increasingly reflective of wider society, challenges remain in achieving true diversity at senior levels in some firms. Based on information from 180,000 people working at 9,000 law firms across England and Wales, our data shows that diversity in the sector continues to improve.

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

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