SRA looks at the public’s experience of conveyancing
/in News, SRA, Surveys/by Paul WilkinsonSRA looks at the public’s experience of conveyancing
26 June 2017
Around 1,000 former conveyancing clients will be asked their views on the legal aspect of their house purchase or sale. We will use this information to help shape the way it regulates. Independent researchers, IFF Research, will ask the public for their experiences of the conveyancing legal process, looking at access, choice, quality and cost. The study will draw out good and poor practice, and any specific areas of concern that we might need to address.
The project will also look at a number of specific issues, including how people think technology is speeding up and simplifying the process and their experience of any risks, such as cybercrime.
Crispin Passmore, SRA Executive Director, Policy, said: “The research will play an important role in increasing our understanding of the conveyancing market. We want to know how it is changing, and how changes elsewhere – such as fixed fees and technology – will affect the experiences of solicitors and those who use their services.”
We conducted research on solicitor experiences of conveyancing in 2013. Further information can be found here:
We paid out £10 million to the public last year (November 2015 to October 2016) from its Compensation Fund. More than £1million of this related to conveyancing matters, paying grants to replace stolen funds that were intended for house deposits.
The latest research project aims to report back in the autumn.
Law Firm Growth and Compliance Seminar
/in CQS, Law Society, SRA, WIQS/by Paul WilkinsonNew Code of Conduct 2018 and Solicitors Accounts 2018
Have you had time to study the new draft from the SRA ?
If not, I have just been asked to give a talk on this at The Law Society in Chancery Lane for the Law Firm Growth and Compliance Seminar Tue 24 October 2017
09:30 – 14:45 BST
LOCATION
https://goo.gl/EFPrqz
New AML EU 4th Money Laundering Directive now in force
/in AML, Law Society, News/by Paul Wilkinson
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 implement the EU 4th Money Laundering Directive. The final version includes changes from a draft published earlier in the year.
Amy Bell, who runs Amy Bell Compliance and chairs the Law Society’s money laundering task force, said the new regulations repeal and replace the 2007 version and are 118 pages long.
“Whilst much of the 2007 regulations remain intact, there are some considerable amendments and additions which will take firms some time to consider and implement,” she said.
In a statement on Friday, the Treasury said the regulations would “improve the quality” of checks done on the source of money.
“They ensure that businesses can spot suspicious activity and report it, enabling the police to act swiftly and decisively to prevent corruption or terrorist attacks.”
Legal bodies have not yet published guidance on the new regulations, in light of the government’s decision that in future there can only be only one Treasury-approved piece of AML guidance per sector.
This means the sign-off process now requires the agreement of 11 legal sector regulatory and representative bodies across the UK.
The SRA said: “We expect law firms to comply with their legal obligations and are urging law firms to familiarise themselves with the new regulations as soon as possible, and take action to comply.”
In a statement, the Law Society said: “While we had hoped to have had the guidance approved and published ahead of the commencement of the new regulations, this has unfortunately not been possible…
“We recognise that many of the changes required under the new regulations will mean significant changes to firms’ systems and controls.”
It said the Legal Sector Affinity Group – a group representing the legal sector AML supervisory bodies to government, including the Law Society and SRA – has told the Treasury that “a sensible supervisory approach towards the new regulations would be to give firms and individuals a period of time to adjust to their new obligations.
“The group feels this is particularly important given the extremely short timeframe between when supervisors and those they supervise will see the final version of the MLRs and when those MLRs come into force.”
Ms Bell said a central theme of the regulations was firms needed to take a risk-based approach, meaning they need to complete a risk assessment of their practices and review their AML policies.
There were a number of practical changes firms were likely to need to make to their customer due diligence process, she said, such as expanding the list of information obtained on a corporate client to include information about its constitution, possible from review of the articles of association.
“This could add considerable time to the process,” Ms Bell said.
Another issue was a wider definition of beneficial owners, while the definition of a politically exposed person (PEP) now included domestic PEPs, and the definition has changed to include the governing bodies of political parties, and the boards of international organisations.
SRA highlights publication of Treasury money laundering regulations
/in AML, News, SRA/by Paul WilkinsonSRA highlights publication of Treasury money laundering regulations
23 June 2017
We are working on new guidance for law firms, which we aim to publish shortly, following the announcement of new money laundering regulations by the Treasury.
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 have been published here:
We are reviewing the full detail of the requirements. We will then work with other regulators across the UK to provide updated guidance for law firms. Solicitors can also contact our Ethics Guidance helpline if they have queries.
Robust anti-money-laundering arrangements are important and a priority for the sector, law firms and the global economy. We expect law firms to comply with their legal obligations and are urging law firms to familiarise themselves with the new regulations as soon as possible, and take action to comply.
However, we recognise the short lead-in time businesses have been given to implement the new requirements. We will take a proportionate and pragmatic approach as firms take steps to comply with the new requirements.
Money laundering is a priority risk for us. Further information is available here:
PIE and PSG to merge
/in CQS, News/by Paul WilkinsonProperty Information Exchange Ltd (PIE), creator of the market-leading brands poweredbypie and Brighter Law, has merged with PSG Connect Ltd (PSG) to create the number one provider of legal services for the residential conveyancing industry.
David Brown, CEO of PIE commented on the merger, “PSG are a great fit for our business; they share our ethos, passion and dedication to empower law firms and help them grow within the marketplace. We have always looked at PSG as the market leader in terms of quality search delivery, customer support, local knowledge and presence. We are really looking forward to the many opportunities and benefits this merger will bring to all of our clients. It’s very exciting.”
Richard Dawson, PSG Managing Director added, “It was incredibly important to find the best fit for PSG, a company that shares our ethos and one that would support our future plans. In David and the team at PIE we have found a like-minded partner with which to grow. PIE is a market leading provider of technology solutions for the conveyancing sector. The collaboration of the two businesses will result in a significant benefit to all our clients in terms of customer service, delivery and innovative technology”.
The combined companies will build on their shared values of customer support and excellent products to provide an unrivalled service to their clients. Bringing together the best people, the latest technology and over 30 years of experience in the industry, the merged businesses look set to lead the way in the legal services marketplace.
Paul Wilkinson
Managing Director
Audit Compliance Ltd
paul.wilkinson@auditcompliance.co.uk
www.auditcompliance.co.uk
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