Some lenders are rationalising their panels on an individual basis, others on a stricter criteria based on size or volume of work.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 have posed a challenge for firms of all sizes.
This article explores what conducting customer due diligence (CDD) entails, and lists a few 'red flags' that might indicate suspicious activity by a client.
This article explores the requirements to implement policies, controls and procedures, train relevant employees and comply with record keeping legislation.
This guidance explains the role of the Law Society and other organisations in the reporting of money laundering.
The Solicitor's Regulation Authority's (SRA) Handbook contains the authorisation requirements for those wishing to enter the profession, firms who wish to be regulated by the SRA and those wishing to hold a regulated role
Money laundering reporting officers (MLROs) have a pivotal role to play in ensuring that a firm is compliant with anti-money laundering obligations.
Rules regarding fixtures and chattels
The case of Armstrong DLW GMBH v Winnington Networks Ltd looks at who bears the loss when poor due diligence results in the trading of stolen carbon credits.
The Article 29 Working Party have published five new guidelines on the General Data Protection Regulation (GDPR).
A new protocol designed to bring clarity to probate-related dealings between advisers and banks has been agreed.
This guidance represents the Law Society's view of good practice for employers who provide work experience to those seeking experience of a legal career.
From 1 July, businesses may apply to the Office of Fair Trading (OFT) to challenge land use restrictions that limit competition against major supermarkets
The Law Society has developed tools to help you to draft documents in care proceedings following the revised public law outline, which is now being implemented on a pilot basis.
An action plan that outlines steps to help address barriers to the profession
From 30 June, Land Registry will scan, then destroy, original documents and certified copies that accompany applications to change the register.
On 1 February 2013, the Legal Ombudsman changed its rules on time limits, who can make a complaint, compensation limits and case fees.
The Council of Mortgage Lenders will publish an amendment to their Handbook regarding the introduction of the Green Deal on Monday 8 July 2013.
We have updated the Code for Completion to clarify the position following the Court of Appeal ruling in Dreamvar.
Unmarried couples may benefit from a cohabitation agreement to protect their rights. This guide looks at what these agreements can cover and issues to consider.
The High Court has ruled that the government's decision to abolish lawyers' fees for committal proceedings was lawful.
In order to prevent and resolve complaints it is important to understand what generates them. The Legal Ombudsman has published data on the type of complaints they receive.
The CON29 guidance has been updated.
The Money Laundering Regulations 2007 states that clients who do not meet the regulated professional in person pose a higher risk of money laundering.
Updated version of the consent form to be used for the release of health records under the GDPR and Data Protection Act 2018.
The Law Society has published FAQs providing useful information to solicitors for moving across and complying with the new SRA scheme for continuing competence.
The Law Society Conveyancing Protocol sets out the Society's preferred practice in residential conveyancing transactions of freehold and leasehold property
The Court of Appeal has decided that the Legal Services Commission (LSC) was wrong to refuse to pay in full for an expert witness report ordered for a child by the family court.
Information about the series of events HMCTS is hosting to support the changes brought in by the HMCTS court reform programme.
The basics of data protection and anti-money laundering
Read our comprehensive guidance and listen to our podcast on how to identify a deprivation of liberty.
This short report highlights the diversity profile of solicitors.
We have prepared an informative and case summary following the Court of Appeal's judgment in Dreamvar.
Article 9.2 of the Fourth EU Money Laundering Directive empowers the European Commission to identify 'high risk third countries'
CMS Cameron McKenna uses information about equality and diversity policies and practices when evaluating competitive tenders
There is a growing and increasingly competitive market in 'compliance solutions' designed for the legal profession
We have recently had a discussion with officials at the Ministry of Justice about the issues arising from the new experts' fee rates.
Details of the assigned risks pool, a safety net for firms who cannot get qualifying insurance
In this toolkit 'fair recruitment' of trainee solicitors refers to eliminating the barriers people face in employment due to their social background.
HMRC has released the final version of its annual tax on enveloped dwellings (ATED) return.
The government runs a number of finance schemes that may benefit law firms. If you are looking to take out or extend a loan or for new sources of funding as an alternative business structure there are several schemes aimed at helping firms.
The Law Society library maintains an index of enquiries called Common Queries Database. These include results from enquiries to find forms, precedents and guidance.
The FME1 form can be used when acting for a client who is selling or buying a freehold that shares services with other houses.
Our FAQs have been compiled to help solicitors to better understand the complex area of professional indemnity insurance.
The Law Society has produced guidance that provides recommendations to firms on how to fulfil gender pay gap reporting requirements.
The general anti-abuse rule (GAAR) that came into force on 17 July 2013 applies to stamp duty land tax as well as other taxes.
This advice is designed to raise solicitors' awareness of the importance of considering whether their insurer will be able to meet claims under their professional indemnity insurance (PII) policy.
Potential criminal sanctions for breaches of money laundering obligations can be seen as a useful headline to keep the attention of partners and fee earners in training.
There are significant criminal penalties under the Proceeds of Crime Act (POCA) and t he responsibility falls on your shoulders. So how can you feel comfortable in your new role?
Advice on the government's recently-launched Help to Buy scheme.
We look at what a money laundering reporting officer needs to consider before deciding that there are grounds to make a report to the Serious Organised Crime Agency.
As MLRO it will generally be your role to set the internal parameters for what due diligence your fee earners are required to undertake
This article gives advice on how to persuade your board and senior partners that the Proceeds of Crime Act should be taken seriously.
Resources available to you, tips on how to manage fee earners' and management's expectations, and help you avoid some of the common pitfalls for newcomers
Alison Matthews, former Chair of the Money Laundering Task Force and formerly money laundering reporting officer (MLRO) at Irwin Mitchell LLP considers the challenges of making your first SAR.
In this month's feature, we look at how MLROs can develop effective relationships with their legal practice's accounts team.
Many MLROs still find the verification of source of funds a contentious area, with fee earners and partners often making a number of incorrect assumptions about their obligations.
HM Land Registry recommend users of their online services via the HM Land Registry portal, access them through one of the browsers they support.
HM Revenue and Customs has released new guidance on the stamp duty land tax rules for pre-completion transactions.
A selection of questions and answers on some popular AML areas compiled by the Practice Advice Service.
Whether you are making your first suspicious activity report (SAR) or your 100th, providing the correct information will ensure that it is processed quickly and can be used most effectively.
We are now calling on the profession to follow the Law Society's lead in challenging HSBC's panel policy.
The Law Society has developed a suite of templates with standard text which practitioners can adopt or adapt for use when instructing experts in family proceedings.
A guide for solicitors on potential fraud in land transactions and registration of title.
Following royal assent of the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Bill, the Legal Services Commission has published a list of FAQs about the legal aid changes, which will be implemented on 1 April 2013.
Details of the Law Society interest rate as referred to in the Standard Conditions of Sale.
New guidance issued to provide the first universal framework for banks and building societies to apply a consistent approach when helping relatives or carers who need to manage an account on behalf of another person.
The LPE1 and LPE2 forms can be used to capture information about a property held by landlords, management companies and managing agents.
Read our high-level summary of the most important things you need to know about the new regime.
Steps are being taken to try and minimise the potential disruption caused to firms in their bidding arrangements.
The Law Society has produced this guide to help those conducting pro bono work understand when their clients may be entitled to legal aid.
Advice for panel firms being asked by lenders for details of client accounts, professional indemnity insurers and copies of letterheads.
Legal organisations have drafted guidelines for lawyers who come up against ordinary people who find themselves in court without legal representation.
From 1 October 2018 notice and grounds of appeal relating to appeals against conviction and sentence must be lodged directly with the Criminal Appeal Office.
Read our update on the options and implications for practitioners following the Henthorn and Loomba appeal cases.
Details of the online system providing instant Buildmark cover information.
The LAA has set up a system to help means applications for particularly vulnerable clients.
The Social Care Institute for Excellence has recently launched a new directory of Mental Capacity Act resources.
Second edition of the Law Society model planning agreement.
Whether you are a fee earner or a MLRO, recognising a money laundering sign when it walks through your office door is a continual challenge.
Asking yourself and your client this question is one of the most effective measures you can take to protect yourself from money laundering.
With media reports suggesting that the housing market may slowly be picking up and banks becoming willing to lend a little bit more, do solicitors still need to be on their guard for mortgage fraud?
The International Bar Association, the Council of Bars and Law Societies of Europe and the American Bar Association have jointly issued a new guidance report on anti-money laundering.
Land Registry has published a new practice guide setting out the requirements for statements of truth used in support of Land Registry applications
From 1 April new rules on conditional fee agreements (CFAs) come into force. We have published a new model CFA and interim advice for use in personal injury claims.
The Law Society has produced two standard short office leases suitable for either the whole or part of a building.
New rules on permitted development allow larger extensions to be made without planning applications and enable change of use from office to residential.
The EU has amended DAC6 to require intermediaries to report certain cross-border arrangements to tax authorities of EU member states.
Firms carrying on insurance distribution activities will need to change the way they work to adapt to the Insurance Distribution Directive.
HM Revenue and Customs (HMRC) has issued advice for those submitting SDLT1 returns
This guide highlights the changes in civil and commercial cooperation should the UK leave the EU without an agreement.
This guide highlights the changes in consumer law that will occur should the UK leave the EU without having reached an agreement.
This guide highlights the changes to criminal justice and security mechanisms should the UK leave the EU without an agreement.
This guide highlights the implications of lawful transfers of EU personal data in the UK should the UK leave the EU without reaching an agreement.
This guide highlights the changes to practising in family law should the UK leave the EU without having reached an agreement.
This guide highlights the changes to intellectual property law should the UK leave the EU without having reached an agreement.
We have updated our joint note with Resolution on practical recommendations for family law solicitors in the event of a no-deal Brexit.
This guide highlights the changes to the provision of legal services in the EU should the UK exit the EU without reaching an agreement.
This guide highlights the changes to VAT and its impact on goods and services should the UK leave the EU without an agreement.
These notes have been prompted by a paper produced by the Institute of Chartered Accounts in England and Wales and the Institute of Chartered Accountants of Scotland.
The Law Society of England and Wales is introducing guidance for employers regarding notice periods for the retention of trainee solicitors.
The Court of Appeal held that 'conformity to a common (or even universal) professional practice is not an automatic defence against liability.
The Law Society is warning firms to be vigilant after it was discovered solicitors were receiving scam (phishing) emails from an account claiming to be the Law Society.
This calculator is designed to assist solicitors to work out an indicative figure that should be saved each year as part of their retirement planning to prepare for the likely cost of run-off cover under their minimum terms and conditions (MTC) polic
To counter the risk posed to the UK's regulated sector from laundering foreign funds, firms must conduct enhanced due diligence on politically exposed persons (PEPs).
This page provides practical tips to protect your firm from scams.
In this article, we expand on the advice provided in our practice note to give examples from different areas of law subject to the SRA Transparency Rules.
The president of the Family Court issued these private law prescribed orders on 23 May 2014.
With cuts in legal aid, criminal law practitioners are increasingly finding that clients have to find ways to pay for representation through private funds.
Professional indemnity insurance (PII) covers civil liability claims - usually professional negligence - in private legal practice. We answer some of the most common questions around PII, including who needs it and how much cover you need.
The proposed high speed rail link between London and the West Midlands (commonly referred to as 'HS2') has implications for practitioners working in residential conveyancing and commercial property.
The President issued the final public law prescribed orders on 23 May 2014: the case management order (CMO) and standard directions order (SDO).
A brief overview of the key issues to be aware of and the changes to implement to comply with the regulations.
We are recommending that providers of training contracts should pay their trainees £22,121 in London and £19,619 outside London.
These flowcharts are an easy reference guide to the outcomes and IBs on acting for buyer and seller and lender and borrower, which are outlined in chapter 3 of the SRA Code of Conduct 2011
Revisions to Standard Conditions of Sale and Standard Commercial Property Conditions have been agreed.
Details and information about run-off cover
A number of categories of law will be coming out of scope of legal aid contracts in April 2013. Our article looks at the implications under professional rules of taking on cases now that are going out of scope next April.
The UK government imposes financial restrictions on persons and entities as part of its domestic counter-terrorism regime, as well as those persons proscribed by the United Nations and/or European Union.
SOCA is concerned that firms are submitting a SAR for clients who simply have a similar name to someone on the sanctions list when they only need to seek permission from the Asset Freezing Unit.
Peter Rodd, senior partner, member of the CQS technical panel and chair of the Property Section, discuses how overheads can be reduced by embracing email.
Property lawyers are seeing housing deposits coming from wider savings clubs or committees. This process of fund raising has its challenges from an AML perspective.
From 1 October 2014, if you file an SDLT return on paper you must enter a valid local authority code.
Common questions about alternative business structures, including who can become an ABS and details of the application process
Julia Adams of Slaughter and May provides seven key steps to ensure you fulfil your obligations when making a suspicious activity report under the Proceeds of Crime Act.
Initial interviews are a good opportunity to understand what your client wants and to agree the terms and conditions for providing your services.
The act has brought in new transparency provisions, regulation of employment law, and amendments to the Companies Act 2006.
An overview of the sections and chapters in the Solicitors Code of Conduct 2011
Stuart Clark, associate solicitor at The International Family Law Group LLP, discusses the specialisation in the Financial Remedy Court with a proposed new form A.
The Law Society has produced a detailed briefing for members about the changes that follow the SRA's 'Looking to the Future' consultation.
Approved certificate of title agreed between the Law Society and the Council of Mortgage Lenders to be used from 30 November 2015.
This briefing is designed to provide Law Society members with information about the changes and help them consider the implications for their practises.
The SRA has issued a warning notice to anyone involved in the promotion or facilitation of schemes to avoid or reduce stamp duty land tax (SDLT)
A summary of the numerous reporting requirements on firms in the SRA's Handbook.
Calculators to help you work out stamp duty land tax payable on sale and transfers of land or property
Disadvantaged Area Relief is is being abolished for transactions with an effective date on or after 6 April 2013.
The contract incorporating the Standard Conditions of Sale (5th edition) is designed for use in residential conveyancing transactions.
The final version of the legal sector AML guidance was approved by HM Treasury in March following a draft in September. We list the changes between the draft and final guidance.
A Suspicious Activity Report is a disclosure made to the National Crime Agency under Part VII of the Proceeds of Crime Act 2002 or Part III of the Terrorism Act 2000.
Forms used in residential conveyancing and details of suppliers.
We have published explanatory notes to help sellers and buyers understand the information that is being requested in the TA6 property information form.
HMRC wants to change tax rules surrounding compensation amounts over £1 million. We are liaising with HMRC in order to achieve the best possible outcome for members.
The draft guidance is designed to assist those advising non-UK domiciled clients on the important tax changes introduced by the Finance (No.2) Act 2017.
Having your training contract terminated is a difficult situation to be in and you need to know what to do next.
Richard Miller, Law Society head of legal aid, looks at some of the key questions that firms will need to consider, following royal assent of the controversial Legal Aid, Sentencing and Punishment of Offenders Bill.
Philip Santo, a chartered surveyor and director of Philip Santo & Co, considers some implications of the recent rush to install solar panels on the roofs of the nation's houses.
The Public Law Project (PLP), with help from the Law Society, is running a project to assist litigants with making exceptional funding applications and challenging refusals of exceptional funding where appropriate.
Key facts about the regulatory regime in England and Wales.
The basics when it comes to a risk-based approach to anti-money laundering
The compensation fund is funded by contributions from individuals and firms regulated by the SRA. We answer some of the key questions about the fund, including what it covers and who can claim from it.
The Solicitor's Regulation Authority's (SRA) Handbook outlines ten mandatory principles which apply to everyone that the SRA regulates and to all aspects of practice.
As soon as the proceeds of crime become an issue, solicitors have to think carefully about what they can tell their clients. These scenarios aim to help you understand the issues around 'tipping off'.
Jo Riddick, Macfarlanes LLP’s compliance officer for legal practice and money laundering reporting officer, considers the potential impact of a register for beneficial owners of trusts.
There should be zero tolerance of workplace bullying and harassment in all its forms.
The decision in Royal Bank of Scotland v. Etridge on 11th October 2001 means all conveyancing lawyers should consider carefully their procedures when a third party provides security for another person's borrowing.
The Law Society has updated its advice for firms on compliance with UK regulations which transpose the EU ADR Directive.
Stephen Jewell, of HM Revenue and Customs, explains the importance of quoting the correct reference number and bank details when paying Stamp Duty Land Tax (SDLT).
Solicitors' firms have reported the receipt of email messages that purport to be from Solicitors from Hell.net.
Recent reports have exposed failings by banks in their management of politically exposed persons (PEPs) and how corporate vehicles are abused to launder corrupt funds.
After the public spat between the Bar Standards Board and the Solicitors Regulation Authority at the beginning of the month, peace seems to have broken out.
We answer some of the key questions around legal professional privilege.
The UK's departure from the EU has been postponed to 31 October 2019. Our advice summarises what this means for UK solicitors.
The practice framework rules allow in-house lawyers to act for clients other than employers in certain circumstances. Depending on the circumstances you may need to have professional indemnity insurance (PII) in place.
If you would not accept a bag full of cash from a client with respect to a transaction, why is it acceptable to provide them with your client account details so that they can deposit it there themselves?
When looking at money laundering warning signs, an instruction that is unusual for your firm is high on the list and should ring alarm bells.
All employers have a duty of care to protect staff from unlawful discrimination in whatever form it may take.
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