Outcome regulation for Estate Agents

The OFT have recently announced a consultation on draft guidance to improve the regulation of estate agents. The guidance arises from the study carried out by the OFT last year into the buying and selling market. The OFT found that the “industry’s understanding of the Consumer Protection from Unfair Trading Regulations 2008 (“CPRs”) may be […]

Outcome focused regulation: Coming ready or not.

On Thursday 6th October the SRA will commence risk based regulation, involving a new approach to authorisation, supervision and enforcement. The SRA has said that firms should start considering how they wish to operate their business and how to deal with their clients. Whilst I do not expect many firms to be contacted by the […]

Solicitors Regulation Authority to close ARP loophole

Marketing for conveyancers

According to The Insurance Times, the Solicitors Regulation Authority (SRA) have scrapped their recently redrafted version of the Qualifying Insurers’ Agreement for Professional Indemnity Insurance following complaints that some insurers were unfairly “under-declaring” Assigned Risks Pool (ARP) contributions. If a solicitors firm is unable to obtain insurance in the open market they are, for a […]

Does the scope of Legal Services Regulation need modernising?

Marketing for conveyancers

Proposed new public and consumer interest tests for regulation in a diverse market – will the Legal Services Board discussion paper mean an increase in reserved legal activities or a reduction in regulatory restrictions? The Legal Services Board recently launched a discussion paper concerning the nature and reach of legal services regulation.  The new proposed […]

Changes to EPB Regulations Delayed

DCLG have delayed the proposed changes to the EPB Regulations which were intended to come into force on 1 July 2011.  The changes propose: – an extension of the current requirements to commission an EPC that apply to residential buildings to all residential and non-residential buildings when sold or rented out; – a requirement that […]

Excessive regulation or a necessary evil?

The law states that you should "regularly" train all employees relating to the law and risks in regards to money laundering and terrorist financing ( Regulation 21 of the Money Laundering Regulations 2007). Compliance with Anti-Money Laundering Regulations is still one of the greatest challenges for solicitors in the UK today. Whilst you may think […]

BSA fears over-burdensome regulation will stifle interest only mortgage market

The Building Societies Association (BSA) has today responded to the Financial Services Association (FSA)’s Mortgage Market Review (MMR) on responsible lending with specific emphasis on interest only mortgages. The BSA remains concerned with the overall direction, impact and timing of the FSA’s MMR. It is concerned that the MMR does not cripple the recovery, either […]

FSA tightens regulation of sale and rent back – 29th June 2010

The sale and rent back market has emerged from an unregulated market where there was a perception that some consumers were entering into agreements with little protection into a much more regulated market. In a trend that has been continuing for months additional regulation has been put in place by the FSA which comes into […]

Compliant sale and rent back scheme launched ahead of regulations – 8th June 2010

Pete Thomson, Managing Director of Residential Property Solutions, said: “The CMLs latest repossession figures confirm that approximately 50,000 homeowners will have their properties repossessed this year. To date, the government mortgage rescue scheme has helped just 628 homeowners and lender forbearance schemes have simply delayed the inevitable. “If a client is experiencing financial difficulties, our […]