CLC Reaction to LSB’s Report on the Cost of Regulation
Reacting to the publication today of the Cost of Regulation report by the Legal Services Board Sheila Kumar, Chief Executive of the Council for Licensed Conveyancers said: “I am very pleased that the LSB’s work on costs of regulation has found that the profession’s views of both the fees and compliance costs of the CLC regime are […]
CLC statement in response to the LSB’s report on the CLC’s Regulatory Standards 2015/16
The Legal Services Board has published individual reports on the regulatory standards of the front line regulators as well as a thematic report drawing on all of the individual reports. The CLC is pleased that LSB recognises the ‘real improvement against all of the standards since 2012/13’. The LSB agrees with the CLC’s own assessment […]
Ensure your policies are up-to-date
Experts within the legal industry believe that firms will soon be required to outline their risk management plans to their insurers in further detail, to give substance to claims that they are performing necessary and essential due diligence.
Urgent need to change Terms of Business for property sales and tenancy transactions – a practical guide
Although the Consumer Protection Unfair Trading Regulations (CPR) have been in force since 2008 and the amendment that brought ‘immoveable property’ within its scope has been in force since 1 October 2014, it is only now that the full effect of those regulations on solicitor conveyancing businesses has been recognised. The Law Society issued a […]
SRA updates handbook for new consumer credit regulations
The Solicitors Regulation Authority have updated their handbook to take into account changes in consumer credit regulations. The new version, version 16, marks the beginning of a new regime for consumer credit. Transitional arrangements put in place by the Financial Conduct Authority have ended. Solicitor firms are now covered by SRA regulation as long as […]
Changing Regulators: Planning for the future
Regulatory choice is now a reality. Firms can strategically review the benefits and drawbacks of different regulatory systems, before choosing how structure their business, says Katie Jackson of Honne Ltd. If you are worried about the cost of regulation, compliance with CQS, and PII premiums, you may find it worthwhile exploring the option of a […]
Landmark Information Group supports solicitors in meeting CPR obligations
With conveyancing solicitors facing new obligations relating to Consumer Protection Regulations (CPR) following the publication of new guidance from the Law Society, Landmark Information Group is providing a solution that ensures solicitors can easily disclose relevant data that could materially affect a buyer’s decision to proceed with a transaction. The CPRs are designed to protect […]
Practice note: Consumer Protection Regulations for Conveyancing.
The Law Society have released a new practice note covering Consumer Protection Regulations (CPRs). It covers new guidance in relation to the CPRs and its implications for practice and puts forward recommendations on a cautious basis to avoid the present uncertainties in the application of the CPRs. Recent regulatory changes have potentially made property sales […]
SRA in training regulation shake-up
The Solicitors Regulation Authority (SRA) Board has approved changes to their training regulations. The changes form part of the SRA’s ongoing Training for Tomorrow programme of reform and Red Tape Initiative. The Authority is seeking approval from the Legal Services Board with the hope of implementing the changes at the beginning of July. The changes […]
SRA's response to education and training regulations
The Solicitors Regulation Authority (SRA) has published its response to the consultation on changes to the education and training regulations. The 12-week consultation closed at the end of February and is the first stage of the SRA’s Training for Tomorrow programme. It contains proposals that focus on the essentials of the Authority’s education and training […]
Compensation Fund proposals by the Solicitors Regulation Authority
With the rising cost of intervening in failed firms the Solicitors Regulation Authority (SRA) have been looking at ways in which those costs can be accommodated. One suggestion had been a “one-off levy” on Solicitors but this appears to carry less favour than utilising the Compensation Fund. According to the Gazette, in a paper that […]
Measuring the impact of Outcomes-focused Regulation (OFR) on firms
A number of positives are revealed in a recent survey conducted by the SRA. Most notably, a year after the implementation of OFR and perhaps understandably, firms’ attitudes towards OFR might be shifting towards greater levels of favourability as they increase their experience of working with the new regime of regulation. Measuring the impact […]
Legal Services Board calls for simplification of regulation
Following the release of the OFT report on the regulation of legal services the Legal Services Board has said there is a danger of regulation not keeping up with the market. They said the report pointed to the need for continued simplification of the regulatory regime. In particular with regards to both ABS approvals and […]
Anti-Money Laundering Regulations – do you need to act?
In light of the Money Laundering (Amendment) Regulations 2012 your firm may need to change its reliance procedures. The range of people and businesses you can now rely upon for Client Due Diligence (CDD) has been broadened to include auditors, external accountants, independent legal professionals, or insolvency practitioners. They must be members of the professional […]
Changes to Energy Performance regulations take effect today
From today the 9th of January 2013 all sales or letting advertisements in the commercial media will now be required to show the EPC rating of the property being advertised. The full A-G energy performance graph is not necessary unless there is available space in the advertisement to accommodate it. There is also no longer […]
Buyers call for estate agent regulation
The latest property market survey from RICS has shown over 90% of buyers would like to see compulsory regulation of estate agents. If agents are not part of a professional body they have no obligations to meet minimum standards or be subject to monitoring. At the moment there is no statutory regulation to ensure agents […]
Innovation, Regulation and Standards in an Evolving Market
Details of the latest Westminster Legal Policy Forum Keynote Seminar have now been released and will provide an opportunity to consider the “future of conveyancing” following both structural and regulatory reform. The future for conveyancing and property transfer: innovation, regulation and standards in an evolving market Timing: Tuesday, 11th December 2012 Venue: Central London This […]
Solicitors Regulation Authority (SRA) relocates
Six hundred staff will work at the new location, following the closure of Redditch and Leamington offices. They will be based at the Cube building, in the centre of Birmingham. Chief Executive, Antony Townsend, said: "We are very enthusiastic about working together in a modern location at the heart of the City, improving our efficiency […]
Homeowners at risk of breaching regulations
The SLC has warned that a temporary relaxation of rules relating to domestic extensions could spell trouble for home owners. The society believes the regulations are open to misinterpretation and that instead of kick starting the economy they could bring financial woe for consumers. Consumers are warned that while they may no-longer be required to […]
FSA uses regulation round-up to warn firms about property hijacking
The FSA has released its April Regulation round-up for small firms, and has used the platform to warn firms about the possibility of property hijacking. This is where criminals try to raise mortgages on unencumbered properties which they do not own. Recent cases where mortgage brokers have been offered business by unknown introducers who […]
