SRA Update
SRA Update Issue 94 July 2021
Welcome to the latest issue of SRA Update. There’s a lot to let you know about this month, with changes to the compensation fund coming into effect, our work on the evaluation of the impact of our Standards and Regulations and the start of our firm diversity data collection exercise, which we undertake every two years. We are also looking forward to publication of our research into innovation and technology in legal services, carried out by Oxford University, and there’s been progress in our comparison review sites pilot.
Paul Philip
Chief Executive
We are making changes to the criteria for making an application for a payment from the compensation fund. We want to make sure the fund continues to offer appropriate levels of cover for users of legal services while also being viable and as affordable as possible for you (and therefore your clients). These changes come into effect from Monday 5 July.
More than a year on from the introduction of our Standards and Regulations, we are keen to find out how you have found working within the new rules; have they reduced burdens? What practical benefits or challenges have they brought? Have they helped you work differently?
We have decided to extend the Solicitors Indemnity Fund (SIF) by a further year, subject to an affordability test, in order to allow consultation on the future of post six-year run-off cover.
Our pilot exercise to help law firms and consumers make the most of comparison websites is going really well so we are extending the length of the project and inviting more law firms to join in. Find out about the experience of law firms already involved in the project.
Read more about: Good early signs from comparison website pilot
We will soon be publishing major research into innovation and the use of technology in legal services. Carried out by a world-renowned team at the University of Oxford, the research looks at issues such current and emerging uses of innovation and technology in the legal sector, potential future developments in this area and how firms have used innovation and tech to adapt to the Covid-19 pandemic.
We have increased our engagement with the legal sector in Wales by appointing our first ever Head of Welsh Affairs. Former Head of Policy at Citizens Advice Cymru, Liz Withers will lead public affairs and stakeholder engagement activities, including strengthening our understanding of the Welsh legal landscape and working with local consumer groups.
We get lots of queries about qualifying work experience (QWE). So we have updated the information on our website. This includes examples of what doesn’t count as QWE - helpful for both candidates and employees - as well as more on what good experience should involve.
Our popular Innovate events are back, giving you the opportunity to find out the latest thinking from experts in the legal sector. We will be holding two events in October, focusing on practical innovation insights and tips. The first is in Liverpool, the second in Cardiff.
We will soon be launching a paper on restricting excessive fees when claiming for compensation in financial services or product mis-selling. Join our webinar to find out what we are doing and how you can help shape our thinking on Wednesday 14 July.
Read more about: Excessive fee restrictions in financial services mis-selling, webinar
The nomination period for the 2021/22 Honorary QC process has now opened. The Ministry of Justice wants to assess applications from individuals who have made a significant positive impact on the shape of the law of England and Wales or the legal profession. Entries close at 12pm on Monday 9 August 2021.
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 news section of the latest issue of SRA Update. Next week sees the opening of our biennial firm diversity data collection, where we require all firms to provide information about their workforce. We’ll also shortly be asking for your views on the best ways for us to introduce a restriction to excessive fees in financial mis-selling cases.
Paul Philip
Chief Executive
We will be writing to all COLPs next week asking for your firm’s views on draft proposals to restrict fees in financial mis-selling cases. This is a new duty for us, and we want to get how we implement it right by talking to as many of you as possible as we develop our approach.
Read more about: Have your say on fee restrictions for financial product or services mis-selling
Our two-yearly collection of law firm diversity information opens next week (5 July). From this date your firm will have four weeks to submit its data to us. We have already written to your firm’s authorised signatory or organisational contact to advise them of how and when they will need to provide the information and will be approaching them again next week to confirm they can now begin submitting the data.
It’s that time of year again where we ask you to make a note in your diaries for the Compliance Officers Conference. This year will see the return, Covid restrictions allowing, of our physical event, set to take place on Tuesday 23 November, at the ICC in Birmingham. For those unable to attend in person, we will also follow this with an online Compliance Week from Monday 29 November.
Read more about: Save the date: Compliance Officers Conference 2021
The Office of the Registrar of Consultant Lobbyists (ORCL) wants law firms practising in this area to be aware of their statutory obligations. This includes highlighting the need for registration for potential consultant lobbyists. If you are interested, you can find out more about your obligations on the ORCL’s website.
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