SRA Regulatory Compliance Support

The SRA introduced new Standards and Regulations in November 2019 which includes two new Codes of Conduct (one applied to individuals and the other to firms) and fundamentally revised Accounts Rules. The way in which solicitors may now operate has been significantly changed.

However, it remains a well-established requirement to have effective policies and procedures in place that show that you are addressing the requirements set out in the new regulations and any other associated statutory legislation. Our experience shows that there is a regulatory expectation that you will analyse the regulatory risks facing your firm and implement measures to mitigate those risks. This is considered to be a fundamental part of the management of your firm.

We can provide your Directors, COLP and COFA with compliance support service as either a one-off project or as a fixed cost retainer service. We aim to produce practical solutions for you that meet the requirements of the SRA Standards and Regulations and other associated legislation.

We have over 20 years’ experience of providing compliance support to a large number of firms in a cost-effective and knowledgeable way. Due to the way that the regulatory requirements have developed over the years from a strictly rules-based regime to the current framework, over this period we have collected a vast range of experience of handling multiple issues that crop up at law firms.

It is often not simply a case of reading the standards and regulations and any guidance when deciding how to handle issues. Interpretation of whether the conduct or proposed project is compliant is often also based on consideration of the adviser’s experience of what has occurred elsewhere or their knowledge of our previous exposure to the way the regulatory bodies work.

The range of compliance advice that we provide includes:

  • the responsibilities of the Compliance Officers, Managers and Owners
  • client service, negligence claims and service complaints (including assistance with complaints made to the Legal Ombudsman)
  • financial management and SRA Accounts Rules compliance
  • information management, data protection and cyber crime
  • supervision and management arrangements
  • business continuity planning
  • referral and fee sharing arrangements
  • opening and closing risk assessments
  • publicity and transparency rules
  • training and competency
  • conflicts of interest
  • anti-money laundering/countering the financing of terrorism policies/systems
  • mortgage and property fraud prevention
  • anti-bribery and other anti-financial crime policies
  • financial services rules applicable to law firms
  • regulatory reporting requirements including advice about identified breaches amount to a serious breach reportable to the SRA
  • compliance monitoring