SRA Update
Welcome to the latest issue of SRA Update. It’s not a surprise that our decision to intervene into Axiom Ince and its potential impacts has continued to dominate the conversation over the last month. There is an ongoing criminal and professional investigation, so we are limited into how much detail we can go into, but we have set out the key points about the case before reflecting on some of the issues it raises. This includes the more immediate and longer-term impacts on the compensation fund and consumer protection. We have set out our approach to managing claims linked to Axiom, including that we do not plan at this point to carry out an interim collection of funds.
Also this month, find out about how artificial intelligence might help your firm, alongside risks you will need to consider; we want your views on providing qualifying work experience; and find out about the Legal Ombudsman’s views of providing a good service on costs. This is the last issue of 2023, so I would like to wish you a good festive break and a happy new year.
Paul Philip
Chief Executive
Welcome to the latest issue of Compliance News. It might be the end of the year – and this is the last issue of 2023 – but there is plenty to update you on. We have made some minor amendments to our Standards and Regulations. The Legal Services Affinity Group (LSAG), which represents all anti-money laundering regulators in legal services in the UK, has updated guidance to help you comply with your obligations. On a similar theme, we have updated our own extensive frequently-asked questions page based on some of your recent queries. And for those of you that missed either our Compliance Officers Conference in October or its virtual sibling, you can now catch up with our sessions on YouTube. All that remains for me now is to wish you a good festive break and a happy new year.
Paul Philip
Chief Executive