SRA release new standards and regulations
On the 25th November 2019, the SRA’s Handbook 2011 was replaced with the SRA’s Standards and Regulations.
The new rules are significantly shorter with the focus squarely on requiring high professional standards from both the individuals and firm’s regulated by the SRA. Underlying their introduction is a move away from the 2011 “one size fits all” approach to one that recognises the value of each solicitor’s professional judgement to ensure that standards are upheld and public protections are maintained.
Update to SRA Handbook effective 6th December 2018
The twenty-first version of the Handbook was published on 6 December 2018 (with no changes to the SRA’s Accounts Rules).
Update to SRA Handbook effective 1st October 2018
The twentieth version of the Handbook was published on 1 October 2018 (with no changes to the SRA’s Accounts Rules).
Update to SRA Handbook effective 1st October 2017
The nineteenth version of the Handbook was published on 1 October 2017 (no changes to the SRA’s Accounts Rules).
- This version update sees an amendments to the SRA Minimum Terms and Conditions of Professional Indemnity Insurance (found as Appendix 1 to the SRA Indemnity Insurance Rules 2013).
SRA Regulatory Reform Consultation – have your say
In May 2014, the SRA published their updated Policy Statement on their approach to regulation and its reform. In that statement, the penultimate point (if you got that far!) notes that the then open “consultation paper on changes to the requirements for accountants’ reports on client accounts, is an initial stage in what will be a more significant piece of work in relation to the holding of client money. This will include consideration of the current SRA Accounts Rules with the aim of reducing length and complexity and a consideration of alternatives to the holding of client money and consideration of the risks and incentives related to the holding of such money.” read more
Update to SRA Handbook effective 30th April 2015
There are three groups of changes in Version 14 (with no changes to the SRA’s Accounts Rules):
- Changes have been made to the SRA Higher Rights of Audience Regulations 2011 to remove the transitional arrangements which have expired. The SRA have retained the power to waive any of the provisions contained within them, but this has been extended to the regulations in general.
Legal Futures asked me: “too many or too few” Accounts Rules?
I am delighted to have been asked by Legal Futures to contribute to a feature considering the future for the SRA’s Accounts Rules. Here’s what I had to say:
“When the compliance roles were introduced, the lack of real practical guidance was a huge issue for the majority of firms – particularly smaller firms who felt the burden of compliance most keenly both in terms of increased costs and the hidden costs of lost fee earning time. read more
Update to SRA Handbook effective from 1st April 2015
Version 13 of the SRA’s Handbook became effective yesterday. Main changes were:
1. A new outcome which requires firms to assess and purchase an appropriate level of professional indemnity insurance and changes to the Minimum Terms and Conditions of cover;
2. Changes setting out the eligibility criteria for individuals able to apply for a grant out of the SRA’s Compensation Fund; Removal of transitional provisions relating to sole practitioners, ahead of changes to be made in November 2015 no longer requiring an annual endorsement; read more
Legal firms preyed on by “Vishing” con
I attended Crowe Clark Whitehall’s (www.crowehorwath.net) Cheltenham COFA breakfast yesterday hosted by Mark Hunt, Head of Professional Practices – Cheltenham with guest speaker Julie McArdle from the RBS Customer Security Team. There were several COFA’s from local law firms in attendance and I think all of us left the breakfast meeting with one shared thought:
“We must share this with our accounts team now – this is really serious!”
Bank Scam Warning – Simple Steps to Protect your Money
Unfortunately hardly a week seems to pass by without some news report of people having fallen victim to bank scammers. It seems hardly credible that despite the publicity around these scams over recent years and the simple steps needed to safeguard the funds in your bank account that these scams are still prevalent and finding some success for the criminals operating them. Yet it seems no-one is immune to this type of fraud and theft as the Solicitors Regulatory Authority has recently issued a warning to the law firms it regulates to be wary of scammers tricking firms into disclosing bank security information over the telephone.
The warning cites four firms that have been targeted this way recently, and which have collectively had £2 million taken from their accounts. The scammers gain the confidence of those they call – known as social engineering – to obtain important information and access account funds. Specifically, they ask for “challenge and response” codes, which are used to authenticate payments and in some cases digital banking log on and password credentials. The SRA Executive Director of Operations, said: “These scammers are very active and convincing. They are highly sophisticated in their approach and therefore very capable of duping many people.”
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