Entries by ACLAdmin

SRA Consumer credit regulation to be approved 1 April 2016

Crispin Passmore, SRA Executive Director for Policy, said: “We have worked hard with the FCA to produce proposals that offer a balanced and proportionate approach to regulation. These proposals are good news for firms and their clients alike and continue our ongoing work of simplifying and streamlining our regulatory approach. “We hope the LSB agrees […]

AML National Risk Assessment

The Home Office and HM Treasury have released the government’s highly anticipated National Risk Assessment of money laundering and terrorist financing (NRA). The government describes the NRA as ‘the first comprehensive assessment of money laundering and terrorist financing risk in the UK’. The Law Society issued a policy update on 3 November 2015 AML Policy […]

SRA introduces changes to help businesses thrive

2 November 2015 Changes that will make it easier for law firms to do business are included in the latest version of the SRA Handbook, which was published on 1 November. We are committed to reforming its rules and regulations, removing any deemed unnecessary that do not protect the interests of clients. In doing so, we […]

Changes to CQS accreditation

Changes to CQS accreditation The Law Society are introducing some changes to CQS. The re-accreditation  process will change, as will elements of the mandatory training as well as how the CQS team monitor and assess firms within the scheme. There will be no change to the length of your accreditation and CQS will continue to […]

SRA Handbook Version 15 changes 1 Nov 2015

1 November 2015 The fifteenth version of the Handbook was published on 1 November 2015, and all the changes in this version came into effect on that date. The changes are outlined in these notes: please refer to the Handbook itself for full details. The main changes are to SRA Accounts Rules, Sole Practitioners Authorisation […]

SRA Exemption from Accountant’s Report

Following approval by the Legal Services Board, from 1 November 2015, some firms will be exempt from the requirement to obtain an accountant’s report. The exemption will apply where during the accounting period the average balance on client account does not exceed £10,000 and the maximum in each balance does not exceed £250,000. Exemption Criteria

SRA Guidance Accountants Report

Crispin Passmore, SRA Executive Director for Policy, said: “This is the second phase of a project aimed at making our regulation more proportionate and targeted. The changes continue our work to remove the obligation for firms deemed low risk to go through the reporting process. “For those firms that still have the obligation to obtain […]

A Question of Trust from SRA

Paul Philip (SRA CEO) describes the ‘Question of Trust’ (QoT) campaign as about finding the “right balance” when making regulatory decisions, framed as part of a wider programme of reform on the theme of professionalism. Stephen Vaughan, Senior Lecturer in Law at University of Birmingham, has some interesting comments. A question of Trust reflections