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It’s official—or at least, the timeline is. Following the news of the acquisition late last year, Nationwide Building Society and Virgin Money have announced that they are aiming to fully integrate their businesses on April 2, 2026. For customers and observers of the UK banking landscape, this marks the beginning of a significant shift. Here is the breakdown of what is happening and what it means. What’s the Plan? While the two companies are already part of the same group, they currently operate as separate entities. The goal is a formal "Part VII transfer," a legal process that moves Virgin Money’s entire business under the Nationwide umbrella. The Key Date: April 2, 2026 (subject to court approval). The Legal Hurdle: A High Court hearing is scheduled for February 23, 2026, to give the final green light. The Process: If approved, the transfer happens automatically. You won't need to fill out new forms or move your own data. ...

The UK Finance Mortgage Lenders’ Handbook has long been the unsung hero of the property market. It is the definitive rulebook that keeps lenders and conveyancers on the same page, ensuring that billions of pounds in mortgage lending move securely through the legal system every year. However, for a long time, the way the proerty lawyers interact with that data has felt a bit like using a map from the 1990s to navigate a 2024 city. UK Finance’s recent announcement that they are modernizing the platform isn’t just a tech upgrade; it’s a necessary shift in how the industry handles vital information. Beyond the PDF Mindset The primary takeaway from the announcement is the move toward a platform designed around user research. In the past, navigating lender requirements could be a manual, time-consuming process. By involving developer expertise to create a "quick and simple" interface, UK Finance is acknowledging a hard truth: in a high-pressure property...

New changes to the Money Laundering Regulations 2017 took effect on 18 November, following the introduction of the Economic Crime and Corporate Transparency Act 2023. These amendments specifically impact how firms interact with the Register of Overseas Entities. Two key updates have been implemented: First, Regulation 28 has been clarified to confirm that the Register of Overseas Entities cannot be the sole source used to verify beneficial ownership. This change ensures the register is treated with the same level of scrutiny as the Companies House register, requiring firms to conduct further verification. Second, Regulation 30A now includes the Register of Overseas Entities within the discrepancy reporting regime. This means firms are now required to report any material inconsistencies they find between the information on the register and the information gathered during their own due diligence. Looking ahead, the Solicitors Regulation Authority has indicated that further amendm...

I have only just caught up with Lexsure’s e-ROT update for December. As with previous releases, the monthly precedent texts are clearly designed to help conveyancers give accurate, practical advice in response to a shifting legislative and risk landscape. The Renters’ Rights Act 2025: Action Required Now The Renters’ Rights Act 2025 is no longer something to plan for in theory; it is now law. While the headline tenancy reforms do not come into force until 1 May 2026, local authorities have already been granted new investigatory and enforcement powers, which became active in late December 2025. The new precedent text is aimed squarely at prospective landlords and highlights the three most significant changes they need to understand now: Abolition of Section 21: "No-fault" evictions will be removed. Transition to Periodic Tenancies:All fixed-term tenancies, whether new or existing, will tra...

Hello everyone, and thank you for joining today's session on the blog on the topic of FCA AML audits for lawyers. The Financial Conduct Authority (FCA) has issued a 44,078,500 pound Final Notice to Nationwide Building Society for systemic anti-money-laundering (AML) control failures between 2016 and 2021. While this enforcement action is aimed at a financial institution, it offers a clear warning signal for the legal sector as it moves toward direct FCA supervision. For law firms, this case should be viewed as a preview of the future of FCA AML audits and the standard the regulator is likely to apply once legal services fall fully within its AML oversight. What the Nationwide Case Reveals The FCA found that Nationwide’s AML framework failed in practice, not just in design. Core weaknesses included outdated customer risk assessments, ineffective ongoing monitoring, and transaction monitoring systems that were poorly calibrated to identify suspicious activit...

If you’re a partner or a compliance officer at a law firm, I want you to take a quick second and think about your last AML review. Was it a check the box exercise to keep the SRA happy? If the answer is yes, we need to have a serious chat. The regulatory landscape for solicitors is shifting fast . The Financial Conduct Authority (FCA) is stepping onto the field with a much more active role, and they play a much tougher game than we've seen in the past. Today, we’re breaking down why the FCA AML Audit is the new essential safeguard—and why "good enough" policies just won't cut it anymore. Why the "Old Way" of AML is Riskier Than Ever Historically, many of us approached AML compliance through a traditional SRA lens. But let’s be real: that approach is becoming a major liability. The FCA’s style is risk-based, evidence-focused, and—most importantly outcome-driven. They don’t just want to see your manual; they want to see your proof. ...

The Solicitors Regulation Authority (SRA) isn't sending Christmas cards this year. They're sending in the AML auditors. Despite the upcoming shift where the FCA will assume wider AML regulatory oversight, the Solicitors Regulation Authority (SRA) is turning up the heat one last time. Forget a gentle warning—welcome to the AML Blitz of December 2025 . Let’s cut to the chase. SRA Chief Executive Paul Philip is clearly done with excuses. His public message is unambiguous: "We are still finding fairly basic deficiencies in AML arrangements within firms." Translation for the Partners: You might effortlessly navigate a complex, multi-million-pound merger, but somehow, you still haven't nailed your fundamental firm-wide risk assessment. The era of the gentle wrist-slap is officially over. The SRA has made it clear that fines are "continually going up." AML Compliance is no longer a 'nice-to-have'—it’s an expensive, enforced reality...

The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) supervision for the legal and accountancy sectors is being handed over to the Financial Conduct Authority (FCA. That's right, the same folks who put the fear of God into the big banks are now coming for your conveyancing files. Cue the dramatic music. What does the FCA take-over actually mean? Forget the gentle nudge; prepare for the financial services full-body search. An FCA AML audit is likely to look a lot more like a detailed financial inspection and a lot less like a polite chat with the SRA. Think maximum emphasison: Ironclad AML documentation (no more "it's in my head" polici...