Keeping up with the SRA!
Just in time for the summer holidays, the SRA has written to all COLPs telling them to get ready for the AML Data Collection exercise 2024.
The questionnaire regarding AML and financial sanctions activity will be sent out at the beginning of August and failure to return it by mid-September may lead to enforcement action. Compli have already received requests from firms for assistance.
This email landed only days after:
- The launch of the latest SRA consultation, this one on further increases to SRA fining powers, in addition to unlimited fining powers in cases of economic crime under ECCTA 2023. The proposals include minimum fines across all fine bandings, ranging for least serious misconduct from £5,000 for firms and £2,500 for individuals, to £500,000 for firms and £100,000 for individuals for the most serious misconduct, and new bands, with Band F penalties starting at 11% of a firm’s annual domestic turnover and 146% of an individual’s annual gross income. The consultation closes on 20 September.
- The SRA approved plans for regulating legal executives.
- Warning notices were issued relating to ‘Mergers, acquisitions and sales of law firms’, ‘Money missing from client account’, and ‘Use of NDAs’.
- The Law Society responded to the SRA’s Consumer protection review discussion paper, opposing the suggestion to stop firms operating client accounts.
In the meantime, the report of the LSB investigation into the SRA’s handling of Axiom Ince and SSB Group collapse is awaited, having been postponed until after the general election – watch this space!
How Compli can help…
The Compli Solicitor Regulatory and Professional Discipline Team can provide expertise and advice on risk and compliance, AML, disciplinary assistance etc. If we can help in any way, please get in touch at [email protected].
Andrea Cohen
Compli
Weightmans LLP