SRA open up consultation on size and scope of handbook

The Solicitors Regulation Authority are proposing slashing their handbook to enable Solicitors to work across new fields and markets like will writing, advice on social welfare, employment or tax The consultation is set to run until September with the SRA saying they want to move away from “complex, prescriptive rules” to a focus on “principles and […]

Regulation is poor value for money, Solicitors tell LSB

Legal Service Board

Solicitors regard regulation generally as poor value for money, according to a report by the Legal Services Board. The cost of regulation is also bundled up with other costs of doing business in the mind of the solicitor such as non-legal regulatory requirements and membership of quality assurance schemes such as non-legal regulatory requirements and […]

Land Registry Practice Guide Amendment & April Transaction Data

The Land Registry has recently made amendments to Practice Guide 39, which covers Rectification and Indemnity. This guide is aimed at conveyancers and shows information on how to apply for rectification and compensation which is paid to those who have suffered loss due to a mistake in the register. Rectification of mistakes can be applied […]

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 […]

Ensure your policies are up-to-date

Lawyer Checker

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.

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

Marketing for conveyancers

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

Marketing for conveyancers

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

Marketing for conveyancers

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 […]