SRA Update
SRA Update Issue 95 August 2021
Welcome to the latest issue of SRA Update. I’m sure many of you are taking the chance to have a break, but there is still plenty going on. We have published our extensive research into innovation and technology in the sector, carried out by the University of Oxford, as well as our Annual Reviews of our operational work. There are also some great events lined up for the autumn that you can find more about and sign up for.
Paul Philip
Chief Executive
Read the findings of our major independent study into innovation in the legal sector, which shows that while the majority of law firms are making increasing use of day-to-day technology, the development of bespoke legal technology is largely focused on advances which will benefit larger corporate clients.
Read more about: Research shows majority of firms using technology, but more to do
We want your firm’s views on how we should implement our duty to restrict excessive fees in financial mis-selling cases. We want talk to as many of you as possible as we develop our approach. We wrote to your COLP at the start of July inviting them to share their views – speak to them if you think your firm should respond.
Read more about: Have your say on fee restrictions for financial product or services mis-selling
Our Board has decided to extend the Solicitors Indemnity Fund (SIF) by a further year in order to allow consultation on the future of post six-year run-off cover. SIF will continue to provide post six-year run-off cover for claims against firms which have closed without a successor practice until September 2022.
We have published our latest annual reports on our operational work during 2019/20. The reports cover areas such as education and training, preventing money laundering, authorisation and our enforcement activities.
Our popular Innovate events, which look at issues such as the latest innovations in the legal sector, how consumers’ expectations are changing and how firms are adapting to technology, are back. We will be holding two free events in October, focusing on practical innovation. The first is in Liverpool, the second in Cardiff. Find out more and reserve your place:
We are introducing our new Solicitors Qualifying Examination (SQE) this autumn. It will make sure every aspiring solicitor has reached the same required high standards, regardless of the route taken. Registration for the assessments is now open.
Read more about: SQE assessment registration and bookings now open
Our Regulatory Futures event is a free online event for those interested in the latest thinking on regulation – both in the legal sector and beyond. With expert speakers from the ICO, Black Solicitors Network, Trustpilot, CMA and many more, including our senior team, book your place if you are interested in the future of regulation.
We're looking for people to take part in pilot SQE2 assessment in Welsh this September. We need fluent Welsh speakers who are the type of candidates who will sit the SQE exams in the future.
Cybercriminals are just as often trying to control the sensitive client information you hold as they are trying to steal client money. This can be through ransomware inserted into your IT systems. The National Cyber Security Centre has issued new information on how to avoid getting caught out by ransomware.
We continue to receive reports from law firms of scammers using emails designed to look like they have been sent by us or others. These emails are designed to illegally obtain money or sensitive information and might have contained a link that would have allowed malware to be installed on internal IT systems.
We are holding a webinar on 22 September to give tailored advice on money laundering prevention for firms offering trust and company services. You can hear about which activities fall in scope of this category of work, and what your firm needs to do. We will also cover what areas of trust and company services are a high risk of being targeted by criminals, and how you can mitigate this risk.
Read more about: Webinar – Anti-money laundering guidance for trust and company service providers
Our free webinar will help you understand when to and how to report money laundering concerns to us. We will be joined by the National Crime Agency (NCA) to talk about making suspicious activity reports (SARs). Join us on October 7 to gain further insight and guidance around common issues with SARs, as well as how to make sure your reports are as effective as possible.
Read more about: Webinar – reporting money laundering concerns and suspicious activity
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. I’m sure many of you are taking the chance to have a break, but there is still plenty going on. We have published our extensive research into innovation and technology in the sector, carried out by the University of Oxford, as well as our Annual Reviews of our operational work. Looking ahead, we are about to contact large numbers of law firms to ask you to confirm your firm is complying with our transparency rules. Our requirements play an important role in ensuring people can find online information about the services you offer - more important now than ever.
Paul Philip
Chief Executive
We will shortly be contacting all law firms who we have not already approached to ask you to complete a self-declaration confirming that your website complies with our transparency rules, including displaying the SRA clickable logo.
Read more about: Confirm your firm is following transparency rules
We have extended the deadline for submitting your firm’s diversity data. We have already written to your firm’s authorised signatory or organisational contact about providing the information. If your firm has not already done so, you have until next Friday, August 13 to submit data.
Read more about: Firm diversity information submission – deadline extended
New rules which came into force in October 2020, require all UK express trusts to register with HMRC. This includes non-taxable trusts, unless the trust is specifically excluded. You might need to make clients aware of any duties they have with regards registration of trusts
You should already have saved the date for this year’s Compliance Officer Conference, taking place at the International Convention Centre, Birmingham, on Tuesday 23 November. Booking information will soon be available and we are looking forward to meeting up again.
Read more about: Compliance Officer Conference – details coming soon
Your firm has a responsibility to carry out enhanced due diligence on any business partner in a 'high-risk third' country. The Government has updated the list of countries this applies to. You can check your business partners against the list here.
Read more about: Carry out proper due diligence on partners in high-risk countries
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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