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Regulatory update for solicitors, COLPs and COFAs - May 2019

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A quick update on the regulatory landscape for SRA regulated law firms. Particularly relevant for COLPs and COFAs in discharging their duties. Overview of the new SRA 'Standards and Regulations' coming in November 2019.

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Regulatory update for solicitors, COLPs and COFAs - May 2019

  1. 1. Regulatory compliance update (May 2019) www.jonathonbray.com info@jonathonbray.com © 2019 Jonathon Bray Limited
  2. 2. AML © 2019 Jonathon Bray Limited
  3. 3. • Warning notice • SRA sweep • NCA • MLR 2017 - key points: • Risk assessments • Policy • Training records • Suspicious Activity Reports • Auditable systems • Criminal Finances Act 2017 © 2019 Jonathon Bray Limited
  4. 4. Price and service transparency © 2019 Jonathon Bray Limited
  5. 5. • Unmet legal need • SRA reviewing 500 websites • There are lots not fully complying • Next wave is coming • Digital badge - November 2019 © 2019 Jonathon Bray Limited
  6. 6. New Handbook (sorry, Standards & Regulations…STARS??) © 2019 Jonathon Bray Limited
  7. 7. • Delayed until November 2019 - there’s still time • Removed all detail - closer to PBR • Guidance awaited - de facto rules? • Emphasis on ethics • Accounts Rules • Unregulated solicitors • Freelance solicitors • Enforcement strategy © 2019 Jonathon Bray Limited
  8. 8. • Practical tips: • Keep copies of old Codes and Guidance • Add Handbook changes to your risk register • Treat guidance as equally important as rules (save, circulate, train) • Training (of course) • Reporting lines • Recording • Risk Outlook – keep in the loop • Read the Enforcement Strategy © 2019 Jonathon Bray Limited
  9. 9. Cyber threats and scams © 2019 Jonathon Bray Limited
  10. 10. • Friday afternoon • Social engineering • CEO fraud • Bogus firms • Ransomware • Espionage • Get insurance! • IT security • People security © 2019 Jonathon Bray Limited
  11. 11. Innovation © 2019 Jonathon Bray Limited
  12. 12. • Waivers • SRA Innovate • Rise and rise of technology • Choice of regulator (or none) • March of ABSs and external investment © 2019 Jonathon Bray Limited
  13. 13. Tribunal decisions and trends © 2019 Jonathon Bray Limited
  14. 14. • SDT standard of proof - implications • AML enforcement • Banking facility through client account • Inexperienced solicitors + toxic work environments • Tax avoidance / investment schemes • NDAs © 2019 Jonathon Bray Limited
  15. 15. PI market conditions © 2019 Jonathon Bray Limited
  16. 16. • Lloyds review • Insurers exiting © 2019 Jonathon Bray Limited
  17. 17. Also on the horizon... © 2019 Jonathon Bray Limited
  18. 18. • Brexit fallout • Diversity surveys • Regulatory reform • E-Privacy Regulation • More AML (2020) • SQE (2021) © 2019 Jonathon Bray Limited

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