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News in brief: COLP/COFA advice service launched, referral fee offensive, and much more
Tuesday, 29 May 2012Our latest round-up of key news snippets sees the ex-chief of the CLC launch a consultancy, a new COLP and COFA helpline, a campaign against personal injury “auctions”, Lawyers on Demand goes it alone, a run-off cover boost for retiring solicitors, and a rethink on financial services ABSs.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, financial services, Financial Services Authority, personal injury, professional indemnity insurance, referral fees
Posted in Latest news, News In Brief
Regulators and professional bodies strike MDP deal
Friday, 4 May 2012Twelve regulators and professional bodies from the legal, accountancy, financial and property sectors have finally signed a formal agreement aimed at co-ordinating the oversight of multi-disciplinary practices.
Tags: ABS, Alternative business structures, bar standards board, Council for Licensed Conveyancers, Financial Services Authority, ILEX Professional Standards, Institute of Chartered Accountants, IPReg, MDP, multi-disciplinary practice, Solicitors Regulation Authority
Posted in Alternative business structures, Barristers, Latest news, Legal Executives, Other lawyers, Solicitors
News round-up: would-be ABS expands, HSBC publishes panel criteria, and much more
Thursday, 5 April 2012Our regular round-up of news includes Quindell Portfolio’s latest acquisition, Simmons & Simmons moving City work to Bristol, the SRA’s City adviser joining Obelisk Legal, the Law Society withdrawing its PII broker list, and much more besides.
Tags: ABS, Alternative business structures, Bar Council, conveyancing, conveyancing quality scheme, Council for Licensed Conveyancers, Financial Services Authority, Law Society, legal process outsourcing, LPO, professional indemnity insurance, pupillage, Solicitors Regulation Authority
Posted in Latest news, Market monitor, News In Brief
SRA calls on government to provide more clarity over referral fee ban
Wednesday, 1 February 2012The government needs to provide further clarity and guidance on how the ban on referral fees will operate in practice, the Solicitors Regulation Authority has warned. Issues such as the definition of a referral fee need to be resolved.
Tags: Association of British Insurers, bar standards board, claims management companies, Financial Services Authority, Office of Fair Trading, personal injury, referral fees, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Law Society targets BTE test case as competition watchdog seeks action over way legal cover is sold
Thursday, 15 December 2011The Law Society is targeting a fresh attack on before-the-event legal expenses insurers by seeking out a test case that aims to loosen their grip on policyholders’ choice of solicitor, it has emerged. The news comes as the Office of Fair Trading called for improvements in the way insurers sell the product.
Tags: Financial Services Authority, Law Society, legal expenses insurance, Office of Fair Trading
Posted in News
Revealed: SRA mulls leniency scheme for law firm whistleblowers
Monday, 19 September 2011The Solicitors Regulation Authority is formulating a whistleblowers’ charter and leniency scheme for those who reveal misconduct at law firms and alternative business structures, Legal Futures can report. Co-operation will be accepted as mitigation.
Tags: compliance, Financial Services Authority, Office of Fair Trading, Solicitors Regulation Authority
Posted in News, Solicitors
FSA: new rules could force ABSs providing financial services advice out of the market
Wednesday, 13 July 2011Solicitors who offer financial services and plan to become alternative business structures could be forced out of the market by plans to plug a gap in consumer protection created by the Legal Services Act, the Financial Services Authority has admitted.
Tags: ABS, Alternative business structures, Financial Services Authority, Legal Services Act, Solicitors Compensation Fund, Solicitors Regulation Authority
Posted in Alternative business structures, News, Solicitors
Clients of ABSs providing financial services advice exposed by Legal Services Act hole
Wednesday, 18 May 2011Clients of law firms that provide retail financial services advice and convert to become alternative business structures could find themselves without access to a compensation fund or the firm’s professional indemnity insurance because of a hole in the Legal Services Act, it has emerged.
Tags: ABS, Alternative business structures, Financial Services Authority, Legal Services Act, Solicitors Regulation Authority
Posted in Alternative business structures, Market monitor, News, Solicitors
MDPs in the spotlight as 12 regulators and professional bodies agree oversight rules
Tuesday, 5 April 2011A memorandum of understanding between legal regulators and regulators and professional bodies in the financial, accountancy and property worlds whose members may be part of multi-disciplinary practices is close to agreement, it has emerged.
Tags: ABS, Alternative business structures, bar standards board, Council for Licensed Conveyancers, Financial Services Authority, ILEX Professional Standards, Institute of Chartered Accountants, IPReg, MDP, multi-disciplinary practice, Solicitors Regulation Authority
Posted in Alternative business structures, Barristers, Legal Executives, News, Other lawyers, Regulation, Solicitors
Publish and be damned?
Friday, 1 April 2011My latest blog on how slowly decisions are made in our new regulatory regime and how figures about the number of complaints against financial institutions put the debate over publishing law firms’ complaints records into a stark context, while it is time to bid farewell for good to the Legal Complaints Service.
Tags: Financial Services Authority, Law Society, Legal Complaints Service, Legal Ombudsman, LeO
Posted in Blog
Blog
Keeping the conversation going beyond Pride Month
As I reflect on all the celebrations of Pride Month 2024, I ask myself why there remains hesitancy amongst LGBTQ+ staff members about when it comes to being open about their identity in the workplace.
Third-party managed accounts: Your key questions answered
The Solicitors Regulation Authority has given strong indications that it is headed towards greater restrictions on law firms when it comes to handling client money.
Understanding vicarious trauma in the legal workplace
Vicarious trauma can happen to anyone who works with clients who have experienced trauma such as domestic or other violence, child abuse, sexual assault, torture or being a refugee.
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