SRA Update

SRA Update Issue 99 January 2022

General updates
Compliance updates

Welcome to the latest issue of SRA Update, and Happy New Year to you all. There is, as you would imagine, a busy year to look ahead to. Our consultations on the future of post six-year run-off cover and financial penalties are still running, and you have plenty of time to have your say on these important issues. We have details for you about a webinar on our financial penalties consultation, so you can find out more about our proposals and what is on the table. Also in this issue, find out about our latest report on the key risks for the year ahead, and read the initial evaluation of our Standards and Regulations.

Paul Philip

Chief Executive

Research suggests smooth transition to new rules

New research suggests the majority of solicitors and law firms are positive about the new codes of conduct and rules introduced in November 2019. The research was undertaken by the Centre for Strategy and Evaluation Services, which included results from a that survey more than 3,000 solicitors responded to.

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

Our consultation on options for the future of post six-year run off cover and the Solicitors Indemnity Fund (SIF) runs until 15 February. Read our consultation to understand the issues and have your say on this important matter.

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 the firms we regulate. Our proposed changes aim to reduce stress and save time and costs for everyone involved by resolving cases much more quickly.

Financial penalties consultation - webinar

To find out more about what we are proposing and why, you can join our free webinar. It features Juliet Oliver, our General Counsel, and Jennifer Ackers, Director of Legal and Enforcement, and takes place on 21 January at 11am.

Risk and the legal services market

Find out what we think the risks and opportunities for the legal services market in the coming year might be through our new-look Risk Outlook. The report examines how the sector could be affected as we adapt to a new normal.

Youth court advocacy

We looked at the training records of more than 100 firms involved in youth court advocacy to see how they were keeping their skills up to date. We found that the majority were doing what was needed, but there was room for improvement with others.

Unbundling survey

We want to hear about your views and experiences of unbundling legal services. Do you think it is a good idea, are you already offering it, if not what are your concerns? Please complete our short survey and tell us more.

New research into differential performance in professional assessments

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.

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, and Happy New Year to you all. As we all look ahead, it’s important that we retain a sharp focus on tackling money laundering. We visited 50 firms to see how their money laundering compliance and reporting officers were faring in their roles, and you can read more about our findings in this issue. We’ve also published more guidance on what activities you carry out that might fall under the scope of money laundering regulations. Finally, have the chance to catch up on our November Compliance Officer Conference, in case you missed it.

Paul Philip

Chief Executive

Key money laundering roles – the three pillars of success

Find out about the most common challenges and issues facing money laundering compliance and reporting officers from 50 firms we visited last year. We highlight how well they are performing – and where their firms could give them greater support.

Conference catch-up

Our Compliance Officer Conference last year marked a welcome return to face-to-face events, which many of you said you wanted. More than 600 people made the trip to the International Conference Centre in Birmingham on November 23. For those that could not make it, you can catch up with our talks – and those from the virtual sessions held the following week – through our 'on demand' service.

Are you in scope of the money laundering regulations?

Not all firms are aware that their work brings them into scope of the Money Laundering Regulations 2017 and the various amendments. Our new guidance helps you determine whether or not you might be captured, and outlines what you’d have to do in terms of authorisation and procedures if that’s the case.

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.

Whiplash reforms and cyclists

The Civil Liability Act 2018 (CLA) and the Whiplash Injury Regulations - more commonly known as the whiplash reforms – came into effect at the end of spring last year. They brought a number of changes that will affect how consumers make a PI whiplash claim. We have been asked how this affects accidents involving cyclists.

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