Transparency Rules update

Some of you may have already had an email from the SRA inviting you to submit a declaration to them to confirm that your website is compliant with the Transparency Rules. This is a change of tactic from pre lockdown when some firms received contact from the regulator with an analysis of alleged non-compliance together with a request to correct the issues and provide evidence of having done so. Since that point we have seen a small number of firms disciplined for continued non-compliance with the rules.

The latest approach of requiring self-declaration of compliance is a further example of the SRA’s policy of transferring responsibility for monitoring compliance over to firms. Get your declaration wrong and the consequences for failing to comply with the rules could be compounded by the incorrect declaration.

It is therefore important to ensure that you understand the rules and have applied them to your website content accordingly. Make sure that you do a further check in the event that you have changed your website and the developers have forgotten to transfer the required content to your new site.

Also remember to check that your contact email addresses are correct in your relevant my SRA accounts. We have seen multiple emails allegedly sent to an email address by the SRA that haven’t arrived or have been blocked. This has resulted in a formal letter from the SRA demanding immediate action in relation to a non-response to the emails sent about the Transparency Rules. Despite there often being innocent reasons why the emails have not been received and responded to, the SRA is highly unlikely to move the deadline for submitting the declaration which may leave you with a matter of days to iron out any issues you may find on the website.

It seems easy to put off dealing with your website when you have more pressing issues but remember that it is easier to make any updates and changes without the worry of a looming deadline for submitting a declaration of compliance.

Sarah Waddington Risk & Compliance are here to help. Visit our web site www.sarahwaddingtoncompliance.com and get in touch today details of how we can help.

Telephone 01920 449 498 or email us at info@sarahwaddingtoncompliance.com