SRA Update

Issue 86 - November 2020

General updates
Compliance updates

Welcome to the latest issue of SRA Update. For those of you in England, this arrives in your inbox at the same time as the start of a further Covid-19 lockdown, while Wales is of course already into its own lockdown. We continue to monitor how the pandemic is affecting the legal sector and we have lots of helpful resources on our website. This issue updates you on the introduction of our Solicitors Qualifying Examination, renewing your indemnity insurance and research on our transparency rules.

Paul Philip

Chief Executive

Solicitors Qualifying Examination to be introduced in autumn 2021

The new Solicitors Qualifying Examination (SQE) will be introduced next autumn after it was approved by the Legal Services Board. The SQE will make sure would-be solicitors have all achieved the same high standards of skills and knowledge at point of entry, regardless of route taken, and help to support diversity in the profession, regardless of their training route.

Have you been unable to renew your professional indemnity insurance?

We know that for some it has been getting harder and harder to obtain professional indemnity insurance and many firms did not secure a renewal on 1 October. You should have told us if you have not yet secured cover so we can help you protect the interests of your clients. If you are still unable to secure cover, you should be aware of your obligations to your clients and staff, and should already have notified us and your last insurer.

Publishing prices helps clients and firms

Research into the effects of our transparency rules has revealed that not only has publishing more information made solicitors more accessible to the public, but also that many firms feel it is helping them win more business.

Scams on the increase

Scammers continue to use any method to try and extract money or sensitive information from law firms and the public. Many impersonate law firms or members of the public to try and trick unsuspecting victims, while recent emails were sent supposedly from us as the regulator in an attempt to fool solicitors. The continuing Covid-19 pandemic, with many of us working from home, might give criminals an advantage, so it’s just as important as ever that you and your firm continue to stay alive to the risks.

What leaving the EU means for REL renewal

With the UK having left the EU, the registered European lawyer (REL) regime will come to an end on 31 December 2020. Unless they opt out, all RELs who renew their registration this October will automatically become registered foreign lawyers (RFLs) on 1 January 2021. Find out more about what this means for them and those who employ them.

SQE Update out now

You can find all about the latest SQE news in the latest issue of our monthly newsletter, SQE Update. This month’s bulletin covers more on the LSB approval of our application, as well as our upcoming annual SQE Conference for education training providers, the qualifying work experience training template, how we’ll review the Assessment Specifications and our recent webinars now available on demand.

Event – LegalEx, new date announced

As many of you know, we provide a programme of information for firms at the annual LegalEx conference, a two-day celebration of legal services. This year’s event will be held as a virtual event on 2 December. We will be supporting the event with talks on anti-money laundering, the Solicitors Qualifying Examination and the Accounts Rules, among others. Secure your place and keep tabs on confirmation here.

Event – ten years of the Equality Act

Celebrate ten years of the Equality Act in our special webinar on Monday 7 December from 12pm-1pm. Chair of the Board, Anna Bradley will be hosting the event, which will discuss the past, present and future of race equality. We will be discussing the roles we can all play as individuals and as law firms in creating an anti-racist legal profession.

Your health, your career

Are you worried about your health affecting your work? Life as a solicitor can be challenging and the demands and pressures can easily build up. We can signpost you to sources of help and make adjustments for you if you are in difficulty.

Welcome to the compliance section of SRA Update. For those of you in England, this arrives in your inbox at the same time as the start of a further Covid-19 lockdown, while Wales is of course already into its own lockdown. We continue to monitor how the pandemic is affecting the legal sector and we have lots of helpful updated resources on our website. We are also pleased to say that the programme for our virtual conference has now been finalised, so you can register for and choose the sessions you want to attend.

Paul Philip

Chief Executive

Compliance Conference, register now!

You can now register for this year’s Compliance Officer Conference, which will be staged as a week-long virtual event running from 23-27 November. Find out more about what sessions will be available each day and to sign-up for those you wish to attend.

Make sure your firm has the right status

The legal services market is a fast-moving sector and the structure of law firms are often changing on a regular basis. This could include adding non-lawyer individuals to the ownership structure. This is fine in principle, but anyone that has done or is thinking of doing this, should remember that such a move is likely to require a change in their regulated status, and they would need to be approved as an alternative business structure (ABS). Our guidance on authorisation has more information, including what this change means for a firm’s status.

Are you now in scope of the anti-money laundering regulations?

Changes made to money laundering regulations in January this year might affect your firm, particularly if you have been out of scope of anti-money laundering (AML) regulations. The definition of tax adviser work has now changed, and this could mean your firm’s activities are now captured by the regulations when previously they were not. Find out if you are affected and need to act.

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