All Regulation and compliance articles – Page 164
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OpinionCounting the cost of interventions
The cost of law firm failures is being felt across the solicitors’ profession. The Gazette reported recently that the unprecedented bill for the Solicitors Regulation Authority (SRA) intervening in failing firms means that we will all have to pay an extra £23 each towards the compensation fund in the coming ...
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News
Accountants challenged by Society over ‘flawed’ application
The Law Society has condemned the ‘seriously flawed’ application by the Institute of Chartered Accountants of England & Wales (ICAEW) to become an approved licensing body for the grant of probate, it emerged last week. In a letter to Legal Services Board (LSB) chief executive Chris Kenny, the Society accuses ...
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FeatureCase fee decisions
We all like to complain. There is probably somebody sat nearby in your office complaining about something right now.
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Opinion
Time for a ‘sub-profession’ in the law?
The article about interventions in last week’s Gazette, which included a description of the consequences and cost of the collapse of Blakemores, should have us all worried for the future of our profession. It is clear now that our leaders were mistaken when they allowed first advertising and later referral ...
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Feature
How agents work when the SRA intervenes into a failing firm
When the Solicitors Regulation Authority intervenes in a failing practice, it is a fast-moving process – and one that is often misunderstood by clients, creditors and practitioners alike. Within hours of the decision being made, the firm’s practice accounts will be frozen and within days its files, computers and accounting ...
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Opinion
SRA rules are inconsistent
The Solicitors Regulation Authority is taking an average of seven months to license an alternative business structure, and 20% of applications have taken longer than nine months to process. Schedule 11 of the Legal Services Act prescribes that the decision period must be six months from the date an application ...
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News
In-house concern over compliance message
Most legal and compliance departments in Fortune-1000 companies report that systems designed to boost ethical and compliant behaviour in the rest of the business are not being properly communicated. In 63% of companies, internal performance standards in these areas are ‘neither clear nor adequately expressed’. That is the conclusion of ...
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News
Culture change needed at BSB, says super-regulator
The Bar Standards Board will encounter ‘significant challenges’ in emulating the Solicitors Regulation Authority
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News
Society warns against muddling funding for interventions
The Law Society has called for ‘proper transparency’ if regulators are to pay intervention costs out of compensation fund reserves. The Solicitors Regulation Authority confirmed on Wednesday it wants to cover an estimated £7m overspend on interventions this year by using money held in the compensation fund. The SRA says ...
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News
SRA wants compensation fund to cover intervention bill
The SRA has decided not to impose a one-off levy on solicitors to pay for the rising cost of intervening in failed firms, but wants the multimillion-pound bill to fall on the rapidly diminishing compensation fund instead.
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News
SRA right to raid compensation fund - for now at least
It all goes very quiet at the SRA board meetings when the subject of interventions comes up. Director Richard Collins updated the situation yesterday with the solemnity of a radio announcer reading out the names of kittens who have died that day.
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News
SRA commits millions to interventions
The Solicitors Regulation Authority has already used 10% of its entire annual budget intervening in failed firms in 2013, the organisation revealed today.
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News
SRA joins attack on ‘poorly informed’ Legal Services Board
The Legal Services Board stands accused of partiality and incompetence in the latest attack from a regulator.
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News
SRA sticks to its red tape agenda
The board of the Solicitors Regulation Authority (SRA) said today it has approved all 10 amendments to the Solicitors Handbook identified in its ‘red tape initiative’.
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News
Society pours cold water on the SRA’s red-tape bonfire
The Law Society has come to the defence of nearly half the items on a menu of ‘unnecessary’ red tape drawn up by the Solicitors Regulation Authority.
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News
PC renewals ‘relatively trouble free’ but 4,500 short
The deadline for solicitors to renew their practising certificates has passed with an estimated 4,500 applications still outstanding, the Solicitors Regulation Authority said today.
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News
Behind closed doors
I know that admitting this is a bit like inviting Jehovah’s Witnesses into the house, but I am genuinely interested in the work of the Legal Services Consumer Panel. The panel’s latest background paper, Empowering Consumers, raises important questions about whether people who buy legal services are consumers in the ...
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News
Davies gets three more years at consumer panel
The Legal Services Board (LSB) today announced the re-appointment of Elisabeth Davies (pictured) as chair of the Legal Services Consumer Panel. Davies’s new appointment runs from 1 August 2012 to 31 March 2015. She has been interim chair following the resignation last year of Lady Hayter.
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News
Quality test 'should not protect barristers'
Controversy about the use of judicial evaluation in a new scheme to assess the quality of advocates has escalated, with solicitors’ bodies warning that the scheme could become a means to protect barristers.