Blog: The dangerous state of SRA guidance
In this blog, we look at how the SRA’s guidance to the Standards and Regulations is undermining the entire regulatory system, and making this whole compliance thing more difficult.
We are concerned that the regulator is making it up as they go along.
Checklist – returning to the office
There’s a lot of information out there
Without wanting to duplicate official guidance, we thought it might be helpful to give you a checklist of tasks and resources you will need to get on top of, before your return to the office.
Feel free to share this in the usual places.
SRA headed for a SIF U-Turn?
LegalFutures has reported that the SRA could be about to take one step back from its decision to close the Solicitors Indemnity Fund in September, in light of COVID-19.The SIF, which covers claims made against closed firms after run-off cover has expired, has been an important safety net for clients and retiring solicitors.
As things stand, with the insurance market becoming increasingly difficult, there is little appetite from underwriters to step in with products to plug the gap. This would leave those exiting the profession – and their clients – perilously exposed.
Why it matters
The decision to close SIF without any alternative arrangements in place is nothing short of scandalous, and yet has received relatively little coverage in the legal press. There has always been something more important going on – be it Brexit, AML, Standards and Regulations, and now COVID-19.
And anyway, who is really that interested in the closure of a firm which has little relevance to current practitioners?
The Law Society has been putting pressure on the SRA to rethink their plans for some time, but has faced significant push back. Even if this ends up being a temporary reprieve, it is a welcome and necessary one.
Latest SRA guidance
New COVID-19 guidance on:
- PII: Applying to the SRA for an extension to the 90-day cessation period
- Impact of furlough: Whether it is possible to furlough a COLP
Latest Law Society advice and guidance
- Representing clients at section 2 CJA interviews
- Business support measures for small firms
- Renewing your firm’s PII
- European Commission list of high risk third countries
- Guidance to conveyancers advising clients on house moves
- Court and tribunal building status
- Position on virtual execution and e-signature during the coronavirus pandemic
- HMLR changes to property transactions during coronavirus
- Simplification of the immigration rules: what’s changing
- Protecting your firm if you fall victim to a scam
- Michael Derek Usher struck off for lying to clients and the regulator about the existence of a PII policy
- Barbara Julia Gribbin struck off for allowing her client account to be used as a cheque-clearing facility
- Ellen Yee-Man Windsor struck off for client money irregularities and dishonesty
- Jonathan Aubrey Howard Allweis fined £25,000 (plus £33,000 costs) for allowing claims management companies to put forward claims in the firm’s name
- Rahand Raza struck off following a conviction for sub-letting his council flat