Regulatory update for solicitors, COLPs and COFAs - May 2019
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The document provides a regulatory compliance update covering several topics: - Money laundering regulations and key points around risk assessments, policies, training, and reporting suspicious activity. - Requirements around price and service transparency as the SRA reviews law firm websites for compliance. - Details around the delayed new SRA Handbook and emphasis on ethics in the revised standards. - Cybersecurity threats like social engineering, CEO fraud, and ransomware and the importance of insurance and security practices.
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Regulatory update for solicitors, COLPs and COFAs - May 2019
- 1. Regulatory compliance update (May 2019) www.jonathonbray.com info@jonathonbray.com © 2019 Jonathon Bray Limited
- 2. AML © 2019 Jonathon Bray Limited
- 3. • Warning notice • SRA sweep • NCA • MLR 2017 - key points: • Risk assessments • Policy • Training records • Suspicious Activity Reports • Auditable systems • Criminal Finances Act 2017 © 2019 Jonathon Bray Limited
- 4. Price and service transparency © 2019 Jonathon Bray Limited
- 5. • Unmet legal need • SRA reviewing 500 websites • There are lots not fully complying • Next wave is coming • Digital badge - November 2019 © 2019 Jonathon Bray Limited
- 6. New Handbook (sorry, Standards & Regulations…STARS??) © 2019 Jonathon Bray Limited
- 7. • Delayed until November 2019 - there’s still time • Removed all detail - closer to PBR • Guidance awaited - de facto rules? • Emphasis on ethics • Accounts Rules • Unregulated solicitors • Freelance solicitors • Enforcement strategy © 2019 Jonathon Bray Limited
- 9. • Practical tips: • Keep copies of old Codes and Guidance • Add Handbook changes to your risk register • Treat guidance as equally important as rules (save, circulate, train) • Training (of course) • Reporting lines • Recording • Risk Outlook – keep in the loop • Read the Enforcement Strategy © 2019 Jonathon Bray Limited
- 10. Cyber threats and scams © 2019 Jonathon Bray Limited
- 11. • Friday afternoon • Social engineering • CEO fraud • Bogus firms • Ransomware • Espionage • Get insurance! • IT security • People security © 2019 Jonathon Bray Limited
- 12. Innovation © 2019 Jonathon Bray Limited
- 13. • Waivers • SRA Innovate • Rise and rise of technology • Choice of regulator (or none) • March of ABSs and external investment © 2019 Jonathon Bray Limited
- 14. Tribunal decisions and trends © 2019 Jonathon Bray Limited
- 15. • SDT standard of proof - implications • AML enforcement • Banking facility through client account • Inexperienced solicitors + toxic work environments • Tax avoidance / investment schemes • NDAs © 2019 Jonathon Bray Limited
- 16. PI market conditions © 2019 Jonathon Bray Limited
- 17. • Lloyds review • Insurers exiting © 2019 Jonathon Bray Limited
- 18. Also on the horizon... © 2019 Jonathon Bray Limited
- 19. • Brexit fallout • Diversity surveys • Regulatory reform • E-Privacy Regulation • More AML (2020) • SQE (2021) © 2019 Jonathon Bray Limited