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Get ready for the SRA Standards and Regulations 2019


Published on

A slide deck to accompany Jonathon Bray's presentation on the new Solicitors Regulation Authority (SRA) rules, coming into force on 25 November 2019.

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Published in: Law
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Get ready for the SRA Standards and Regulations 2019

  1. 1. © Jonathon Bray Limited Get ready for the SRA Standards and Regulations 2019
  2. 2. About us • Team of experts • Outsourced compliance and risk management • Compliance and AML audits • ABS and new firm applications – 100% success • Online compliance portal and e-Learning • Fortnightly newsletter – sign up © Jonathon Bray Limited
  3. 3. Overview of session •What it looks like •Shift back to ethics •Brevity – pros and cons •Where is ‘the truth’? •Significant changes •Revolutionary bits •Practical tips •Questions? © Jonathon Bray Limited
  4. 4. Standards and Regulations - What it looks like •Evolution not revolution (but not Emperor’s New Clothes) •Very short – lost 300+ pages of rules! •Fewer, but more focused, Principles •Two Codes of Conduct •Standards, not Outcomes •No Indicative Behaviours •Completely redrafted Accounts Rules, Authorisation, Transparency etc. © Jonathon Bray Limited
  5. 5. The (new) SRA Principles “You act: 1. In a way that upholds the constitutional principle of the rule of law, and the proper administration of justice 2. In a way that upholds public trust and confidence in the solicitors’ profession and in legal services provided by authorised persons 3. With independence 4. With honesty 5. With integrity 6. In a way that encourages equality, diversity and inclusion 7. In the best interests of each client.” © Jonathon Bray Limited
  6. 6. Shift back to ethics •Professional judgement •‘Compliance’ is a low bar © Jonathon Bray Limited
  7. 7. Brevity – pros and cons •Personal preference •Flexibility vs uncertainty •Accessible vs lack of substance •Future proof vs transient guidance •Professional judgement vs regulating with hindsight © Jonathon Bray Limited
  8. 8. Where is ‘the truth’? •Standards and Regulations •Guidance •Warning notices •Risk Outlook •Primary legislation •Old rules and guidance •SRA newsletters, webinars, tweets, conferences…? © Jonathon Bray Limited
  9. 9. Significant changes • Honesty and integrity Principles – SDT • Duties to the court • Identify your client • ‘Effectiveness’ and accountability • Reporting obligations: • “Serious” not “material” • Report before investigations • will COLP/COFA report? • Demonstrating compliance and justifying decisions • Requirement to: • Supervise • Ensure competence • Referral and fee sharing arrangements • Complaints and ADR © Jonathon Bray Limited
  10. 10. Revolutionary bits •Third Party Managed Accounts (TPMAs) •‘Freelance’ solicitors •‘Unregulated’ solicitors •Enforcement Strategy and topic guides •SDT burden of proof © Jonathon Bray Limited
  11. 11. Practical tips •Do actually read the thing but don’t panic •Audit – line-by-line Gap Analysis •Update website, policies, TOBs etc •Training •Reporting procedure •Record everything •Keep copies of old rules and guidance •Supervision •AML •Check out your opponents © Jonathon Bray Limited
  12. 12. Questions? • Email: • Telephone: 02920 660 160 • Connect on LinkedIn! • Copies of slides available on Slideshare © Jonathon Bray Limited