Money laundering fines reach record high
HMRC has issued a record £23.8m worth of fines for organisations breaching and or ignoring money laundering regulations. Nick Sharp, Deputy Director of Economic Crime, Fraud Investigation Service at HMRC said: “Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals. “Money laundering is not […]
Expert shares top compliance tips
Craig Taylor of LEAP Legal Software has spoken to Today’s Conveyancer and given his expert tips on how technology can aid law firm compliance and efficiency. Technology is a huge factor in ensuring compliance. Its effective and comprehensive use is the secret to making compliance in conveyancing simple. Technology helps enable consistency and accurate outcomes, […]
The changing world of compliance
Jo Hodges, Sales and Marketing Director at Redbrick Solutions shared her thoughts with Today’s Conveyancer about the changing world of compliance. Welcome to 2021, few will be sorry to say goodbye to 2020 and even fewer will have seen their 2015-2020 5-year plan play out. It is important, nonetheless, to learn from the events of […]
LSB pushes legal regulators to drive up performance and improve governance
The Legal Services Board (LSB) has published annual reports on the performance of the eight legal services regulatory bodies. Each organisation regulates different types of lawyers and carries out its responsibilities in different ways. Nevertheless, they have the same responsibilities under the Legal Services Act 2007 (the Act) and are assessed against the same 27 […]
CMA praises advancements in legal sector, but more can be done
Today, 17 December, the Competition Markets Authority (CMA) has published the findings of its review of the legal services in England and Wales. The review has found that the legal profession has made some positive advancements with regards to transparency but more work can be done to continue to improve and more work on the […]
LSB invites contributions to a new strategy for the legal service sector
The Legal Services Board (LSB) has today launched a consultation on a draft strategy for the legal services sector and is inviting others to say how they will also contribute to reshaping legal services to better meet the needs of society. The strategy follows the publication of LSB’s State of Legal Services 2020 report last […]
Price Transparency; about as clear as mud
Following the SRA’s recent announcement that it is back on the case with pricing transparency Today’s Conveyancer caught up with pricing expert Nigel Haddon to talk about the do’s and don’ts of pricing, and what you need to know about the SRA’s Price Transparency regulations. The frustration from my point of view is the pricing […]
HMRC & ASA get tough on SDLT marketing
HMRC and the Advertising Standards Authority (ASA) have joined forces to clamp down on misleading marketing as part of stamp duty and tax avoidance schemes. The Treasury released a statement, which said: “The joint enforcement notice aims to disrupt the activity of promoters and protect people from being presented with misleading adverts which may tempt […]
Legal Eye Launches Risk and Compliance Hub
Risk and compliance consultancy Legal Eye is launching an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, […]
EWS1 Certificate are no longer needed in some cases
Housing Secretary Robert Jenrick has revealed that homes without cladding would no longer need an ESW1 external wall safety certificate. The safety measures were introduced as a result of the Grenfell tower disaster, following the death of 72 people. Previously people have been refused mortgage on flats because owners have been unable to have the […]
Don’t Let Lack Of Time Lead You Into Trouble
Our ‘Technical Corner’ brings you information that will help you to continue to grow and develop in your career. This month’s technical corner article comes from Amy Bell, CEO at Teal Compliance If you have any questions for our panel of experts, please submit them using the contact form below. We will publish the […]
HMLR Seek Feedback on Digital Identity Checks
HMLR have published a draft set of requirements aimed at encouraging digital identity checks in the conveyancing sector. The draft “Safe Harbour Standard” outlines the steps conveyancers are expected to take to verify client identity. The enhanced level of check is defined by reference to a set of requirements, collectively known as the “Safe Harbour […]
ALEP Directors pen letter to Housing Minister on leasehold reform
Directors of the Association of Leasehold Enfranchisement Practitioners (ALEP) have written to Housing Minister, Christopher Pincher MP calling for an update on when the Government will issue its response to the Law Commission’s recommendation for leasehold reform. In July 2020, the Law Commission presented Government with its recommendations for reform which, if adopted, would hail huge changes to the […]
Lawyer Checker to Host Crucial Panel Discussion as Cybercrime Reaches New Heights
The Solicitors Regulation Authority have recently publicised their first thematic review investigating the impact of cybercrime. The review has highlighted a number of troublesome statistics making it definitively apparent that cyber related incidents leading to fraud remain one of the largest threats the legal sector faces. The SRA conducted the review by selecting a randomised […]
Who says crime does not pay? Stoffel and Co. v Grondona [2020] UKSC 42
Stoffel and Co. v Grondona [2020] UKSC 42 It has been interesting to see the progression of this case through the appeal process culminating in the decision of the Supreme Court on the 30th October 2020. I assumed when I read about the decision at first instance that it would be one of those decisions […]
Supreme Court ruling prevents liability dodging
The Supreme Court has ruled that negligent conveyancers shouldn’t be able to avoid liability because it later emerges that their client was engaged in mortgage fraud. The Court revealed that if a conveyancer did this it “would be a disincentive to the diligent performance by solicitors of their duties.” Lord Lloyd Jones said: “[Conveyancing solicitors] […]
Could vendor disclosure replace caveat emptor? CLC roundtable highlights impact of Covid-19 on conveyancing
The rapid adoption of technology because of lockdown could move the conveyancing process from an emphasis on the buyer and caveat emptor to one of vendor disclosure, a Council for Licensed Conveyancers (CLC) roundtable has heard. Vendor disclosure would put the onus on the seller to ensure that they have provided all the information required […]
Updated Practice Notes from the Land Registry
The Land Registry have released their updated practice notes for the following guides/documents: Extension of leases (PG28) Private trusts of land (PG24) Coronavirus (COVID-19): useful information for conveyancers (PG80) All of the updated notes can be found here.
AML gaps highlighted in UWO case
At the end of last week, we brought you the news that a Leeds businessman had to surrender close to £10m worth of property as a result of an Unexplained Wealth Order (UWO). This case has highlighted some glaring gaps in the money-laundering due diligence measures that some firms and companies carry out with regards […]
CMA review: CILEx calls for regulatory change
The Chartered Institute of Legal Executives (CILEx) has called for changes to the legal regulatory framework to accommodate the growth of emerging lawtech solutions and the increasing use of remotely accessed legal services. It says that the impact of Covid-19 has accelerated consumer demand, particularly in private client and conveyancing work. This is set to […]
