In November 2022 the SRA issued formal guidance on effective supervision to help those they regulate with supervisory responsibilities (solicitors and firms) understand their obligations and how to comply with them. Services provided by individuals who are not regulated by the SRA are also included. The SRA have indicated that they will have regard to [...]
What is an undertaking? The SRA glossary defines an undertaking as: “a statement, given orally or in writing, whether or not it includes the word “undertake” or “undertaking”, to someone who reasonably places reliance on it, that you or a third party will do something or cause something to be done, or refrain from doing [...]
In July 2021, as part of its review into ongoing competence in legal services the Legal Services Board (LSB) commissioned research[1] to gauge the public’s views on: Whether the current arrangements gave sufficient confidence in ongoing competence; and If not, what range of measures would give that confidence. The research involved a panel made up [...]
The Solicitors Regulation Authority (SRA) has published guidance[1] which sets out, in relation to looking after staff wellbeing in the workplace, its expectations of law firms and those responsible for their culture and internal systems. This was released alongside their Workplace Culture Thematic Review[2]. This practice note sets out the key regulatory requirements for law [...]
Although we think of sanctions as part and parcel of the CDD process for anti-money laundering compliance, the requirement to check clients against the sanctions list is, in fact, totally separate. And it is not only confined to those clients whose cases/transactions fall within the scope of the anti-money laundering regulations. If your firm routinely [...]
