SRA Update

SRA Update Issue 98 December 2021

General updates
Compliance updates

Welcome to the latest issue of SRA Update, our final issue of 2021. The busy year continues with two significant consultations for you to consider. One is on the future of post six-year run-off cover and the Solicitors Indemnity Fund - its a complex area and we want to hear your views, so please read the consultation paper and watch our webinar to get all the information you need. We are also consulting on reducing stress, delays and costs in our enforcement work through a review of our financial powers. There's lots more too, including cybercrime advice and an update on a promising start to our Solicitors Qualifying Examination. Finally, a very happy festive break to you all.

Paul Philip

Chief Executive

Have your say on options for the future of post six-year run-off cover and the Solicitors Indemnity Fund

We have launched a consultation on options for the future of post six-year run off cover and, the Solicitors Indemnity Fund (SIF). Read our consultation to understand the issues and have your say on this important matter.

Book now for our SIF and post six-year run off cover webinar

Find out more on the background and options for post six-year run off cover by joining our free webinar on Thursday 16 December. SRA Director of Policy Chris Hanford will explain the detail in our consultation and answer your live questions.

Have your say on bringing our fining regime up to date

We want your views on proposals to update our financial penalties. for solicitors and firms we regulate. Our proposed changes aim to reduce stress and save time and costs for everyone involved by resolving cases much more quickly, improving public protection.

Business Plan lays out priorities

Find out what we’ll be focusing on in the next 12 months by reading our latest Business Plan. It includes information on our continued support for innovative practices, further developing our presence in Wales and the horizon-scanning reports to help you prepare for any up-and-coming problems.

Cybercrime clause clarifies insurance cover

A new clause should be added to the minimum terms and conditions of indemnity insurance policies to make it clear what is covered in the event of a cybercrime attack. The clause, drawn up in collaboration with the profession and insurers, has been sent to the Legal Services Board for approval.

Anti-money laundering work laid out in new report

Work carried out to make sure solicitors keep criminals from using the profession to launder money has been detailed in a new review. Our first supervisor’s report as required by OPBAS lays out our activities in the last 12 months to guard against criminal elements using law firms, and the action we’ve taken when firms fail to uphold their obligations.

Promising start for new exam

More than 1,000 aspiring solicitors sat the first Solicitors Qualifying Examination assessment in November. This marks a new era in making sure new entrants to the profession reach the same consistent high standards.

New resources to help money laundering officers

We have published a range of new materials to help firms, and those with specific money laundering responsibilities, to better understand their roles and responsibilities within this area. With checklists for Money Laundering Compliance Officers and Money Laundering Reporting Officers on what to think about day one, week one and year one in the role, we have also launched a report on guidance on the practical delivery of such responsibilities.

New research into legal exam attainment

Read about the new research we’ve commission from the University of Exeter on what causes different levels of attainment in professional assessments across diverse groups.

Don’t fall foul of payment diversion fraud

New guidance drawn up by the National Crime Agency and Action Fraud among others could help prevent you and your clients becoming victims of payment diversion fraud. This is one of the most prevalent forms of cybercrime reported to us and it can have catastrophic consequences for firms and clients alike.

Interested in unbundled services? Get involved in our pilot

We will soon be launching a pilot to study the potential benefits to you and your clients of unbundled services. The pilot will be run with the Law Society and the Legal Services Consumer Panel, and supported by the Bar Standards Board. We want you to get in touch if you want to take part.

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 latest issue of Compliance News, which is also the last of 2021. It's been a busy year, capped by the return of a face-to-face version of our annual conference. That was supported by a series of virtual events the following week already viewed more than 33,000 times. You and your teams can catch up on our watch again facility. There is also an updated list for high-risk countries in relation to money laundering, and new guidance for working in coroners' courts. Finally, a very happy festive break to you all.

Paul Philip

Chief Executive

Catch up on our Compliance Officers Conference 2021

Our annual Compliance Officers Conference was run on a hybrid basis this year. We held a well attended face-to-face event at the International Convention Centre in Birmingham on 23 November, followed by a series of virtual events the following week. If you weren’t able to watch the sessions, you can catch up through our free on-demand page.

Carry out proper due diligence on partners in high-risk countries

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 this list.

Have you been unable to renew your professional indemnity insurance?

We know that for some it has been professional indemnity insurance has become more expensive and some firms might not have secured renewal on 1 October. You need to tell us if you have not yet secured cover so we can help you protect the interests of your clients. If you have not already notified us and the insurer that last provided you with cover, you should do so immediately.

New guidance for those working in coroners’ courts

Working in partnership with the Bar Standards Board and CILEx Regulation, we have published guidance to make sure those working in coroners’ courts uphold the high professional standards expected of them. The guidance has in part been driven by concerns about adversarial approaches being taken in some cases.

Trans and non-binary inclusion in the workplace

We have updated our guide for law firms in promoting a trans and non-binary inclusive workplace. According to research, 65 percent of trans people hide their gender status at work. It is beneficial to think ahead and take some practical steps to make sure you have an inclusive approach which allows your staff to be themselves at work.

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