NEWS
News and information from the world of
regulatory compliance and risk management
Firm fined after wrongly saying it had proper AML risk assessment
The SRA has continued its clampdown on firms not complying with anti-money laundering regulations by fining a Midlands practice. Clarkes Law LLP, based in Telford, reached a settlement with the regulator that it would pay a £2,000 fine and £1,350 costs after a number...
Ombudsman report looks at personal injury issues
The Legal Ombudsman has looked at the areas of personal injury work that generate the most complaints. Its thematic review focuses on the five main areas during a claims process that it receives complaints about and gives insight into how it determines service and the...
SRA warns firms about rise in Email phishing and ransomware attacks
Four out of five cybercrime reports to SRA involve emailShift in ransomware attacks shows law firms' sensitive data at riskInnovation offers opportunity and risk, with almost half of legal services delivered online in the pandemic A new report shows that email remains...
SRA to boost fining powers by over 1,000% to £25k
Plans to increase the regulator’s fining powers from £2,000 to £25,000 are to go ahead, the Solicitors Regulation announced today. A new system of ‘fixed penalties’ for lower-level breaches will also be introduced, enabling cases such as administrative failings to be...
The new Economic Crime Act
The Economic Crime (Transparency and Enforcement) Act 2022 (ECTE) was passed on 15 March 2022. This legislation is designed to prevent foreign owners from laundering their money through UK property by establishing a new register of overseas entities that records...
New rules around ground rent
The Leasehold Reform (Ground Rent) Act 2022 introduces changes in the way that affect property purchases involving leasehold dwellings. The Act comes into effect at the end of June and if you represent buyers or landlords, you should be aware of the changes it brings...