Tag: SRA
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SRA AML Audits on the Increase
I have seen a huge increase in calls today to our audit helpline from conveyancing firms selected by the SRA for an AML inspection. Not the sort of communication firms wish to receive on a Friday. Surely the SRA can send these communications between Monday and Thursday. Many of the firms that I am talking…
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How do the SRA decide which CQS firms to inspect?
The SRA adopt a risk-based approach to AML supervision. The SRA visits a greater number of firms classified as high risk, while also conducting visits to low and medium-risk firms. It is important to note that a visit does not automatically imply that your firm is deemed high risk for potential money laundering activities. To…
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CQS Purchase of a Leasehold Policy Template
Back in 2019, the Solicitor’s Regulation Authority (SRA) undertook a Residential Conveyancing Thematic Review. This review emphasised that conveyancing firms were falling short in providing sufficient information to their clients regarding the various types of property ownership and potential buyer implications. Alarmingly, the report uncovered that 23% of observed firms failed to clarify the distinction…
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Is Your Firm Ready for a SRA AML Audit?
The SRA have recently warned that it will be writing to a “large number” (400) of firms in the coming weeks requiring evidence of compliance with the 2017 Money Laundering Regulations. The likelihood is that firms with a focus on conveyancing will be targeted for an AML Audit. The regulator confirmed that in the last…
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Why conveyancers cant rely on referrals
Many marketing experts will tell you that as a conveyancing practice if you do great work you can build your firm based on referrals. But is that correct? Not necessarily. Ask yourself what motivates a client to to take the risky step of referring your firm to friends and family. Even if you do a…
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The Law Society's 9-Month Change of Heart
“A number of rated insurers have withdrawn from this segment and the gap has been filled by unrated insurers, some of whom enter for a few years before withdrawing or, worse, becoming insolvent. This is extremely detrimental to the profession”. Des Hudson, August 2013: “The fact that an insurer is unrated does not of itself mean…
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Should Free Legals by Lenders be Banned by the FCA?
Treating customers fairly (TCF) is central to the Financial Conduct Authority’s (FCA) expectations of a lender’s conduct. Banks must put the well-being of customers at the heart of how they run their businesses. After years of licking their mostly self-inflicted wounds, banks are now starting to compete for borrowers with ‘free legals’ reemerging as the…
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Uninusured Conveyancing Firms About to be Named
Legal Futures has this morning reported that the Solicitors Regulation Authority are about publish a list of those law firms which were to have closed on 29 December because they failed to secure professional indemnity insurance. With approximately 100 firms to be closed it is reasonable to assume that many firms conducted conveyancing. The SRA…
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SRA and CML take opposing views on retention of conveyancing files
The CML has recently expressed concerns with the SRA’s proposals for shortening the retention period as they relate to property deeds and associated conveyancing files. In an effort to reduce expenses the SRA have proposed to put in place a retention period of purchase files for 7 years from date of file closure; or…