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 […]
SRA back on hunt for price transparency rule breakers
Following the end of the Coronavirus related hiatus on disciplinary action, the Solicitor’s Regulation Authority (SRA) is once again looking at firms who flout the price transparency rules. At the start of this week, Paul Philip, Chief Executive of the SRA provided his monthly update to the board and outlined the steps the organisation were […]
Referral fee ban back on the agenda
The estate agency press have this morning reported on a review by the National Trading Standards Estate and Letting Agency Team which recommends the mandatory disclosure of referral fees to consumers. The review was requested by the Ministry for Housing, Communities and Local Government (MHCLG) instructed to look into the practice of referral fees and […]
The New Electrical Safety Regulations And What Landlords Need To Know
I regularly advise property investors and companies in relation to their investments and acquisitions, and whilst many landlords are aware of their obligations under the Gas Safety Regulations they are not so familiar with the new electrical safety regulations (formerly known as the Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020) which […]
BREAKING NEWS: CMA Takes Action On Leasehold Ground Rents
The CMA is launching enforcement action involving 4 leading housing developers it believes may have broken consumer protection law in relation to leasehold homes. As part of its ongoing investigation which officially started last summer, the Competition and Markets Authority (CMA) is today opening enforcement cases focusing on certain practices of: Barratt Developments Countryside Properties […]
Reminder: Changes To Furlough Scheme In September
The Coronavirus Job Retention Scheme also known as the furlough scheme will be changing from 1 September 2020. From next month the scheme will only pay 70% of an employees wage, up to a maximum of £2,187.50 per month for the hours they don’t work. Employers will need to pay the 10% top up to […]
AML Failings Result In Solicitor Suspension
Natalia Levinzon has been suspended for nine months by the Solicitors Disciplinary Tribunal after failing to implement anti-money-laundering safeguards in regards to property transactions she was conducting for a clients in Russia and the Ukraine. During the investigation, Ms Levinzon revealed to the investigators that the firm – Dobrovinsky & Partners LLP (now closed) – […]
Investigation Into Furlough Fraud Begins
HM Revenue & Customs (HMRC) is launching an investigation into property firms (and other organisations) to see if any of them have abused the furlough scheme. One of the ‘frauds’ HMRC is said to be looking into is the abuses of payments made as part of the scheme. Collyer Bristow has warned that: “[The] property […]
LSB Announces Enhanced Independence For Legal Regulators
The Legal Services Board (LSB) has confirmed that the requirements for all nine approved regulators to separate their regulatory and representative functions have been achieved. Consumers expect the regulation of legal services to be independent from the profession, as a result of these requirements being met, consumers and regulated lawyers (e.g. solicitors, barristers, legal executives, […]
Today’s Training; Online Training For Practitioners
The Practical Vision Network, which incorporates Lawyer Checker and Solve Legal Marketing, the publishers of the popular Today’s news sites, are piloting a new online training programme aimed at practitioners. Today’s Training draws on the experience and expertise of readers and contributors to provide expert guidance around the practicalities of challenges faced by practitioner. The […]
SRA To Expand Its AML Visits To Continue Competence
In its business plan draft for 2020/2021, the SRA has revealed that in an effort to continue competence, it will be increasing its monitoring of firms’ anti-money laundering (AML) policies. Following a review of its annual business plan, which followed on from the recent publication of its corporate strategy for 2020-2023, the regulator has unveiled […]
Changes To Guidance For Conveyancers
The Government has issued a change in guidance to Conveyancers with regards to providing evidence of identity. You can read about the changes here.
Search Companies Collaborate To Improve Lender Handbook Compliance
Leading search companies in England and Wales have teamed up with risk and compliance experts Lexsure to enable law firms to order a LENDERmonitor LM04 Policy Search alongside other conveyancing searches. The integrated policy search makes it easier for conveyancers to protect themselves from the risk of missing updates to Part-2 of the UK Finance […]
Property Market is back, but so are the hurdles for Conveyancers
The announcement by Housing Minister Robert Jenrick that conveyancing transactions in England can resume from 13 May 2020 presents both opportunities and problems for property lawyers. With an estimated 373,000 transactions on hold, conveyancers may soon see renewed pressure to complete deals quickly. As always, Stewart Title remains ready to assist busy conveyancers with our […]
NCA Will Appeal Discharged UWO
A High Court ruling has discharged three properties which were frozen by the National Crime Agency (NCA) in May last year using an Unexplained Wealth Order(UWO). Towards the end of May last year, three properties worth in excess of £80 million, were seized by the High Court as anti-corruption and Unexplained Wealth Orders (UWO) were […]
Could Legal Services Be On Comparison Sites?
Whenever we’re searching for products, whether it be insurance, credit cards or new appliances, somehow, we always end up on comparison sites to get the best deal and to find out what other users think of the product or service. The Legal Services Board (LSB) has floated the idea that law firms, chambers and other […]
Conveyancers Concerned By Cyber Crime And Compliance
Accuracy of search data, the threat of cyber crime and changes to money laundering compliance have been deemed as some of the most pressing concerns for conveyancers in the modern climate. According to OneSearch Direct’s ‘Conveyancing Industry 2020’ survey, 61% of all respondents were very concerned by the growth and power of cyber criminals and […]
Cyber Essentials – What’s Changing?
Webinar: Cyber Essentials vs Cyber Essentials PLUS Date: Tuesday 4th February 2020 Time: 10am __________________ From April 2020 the IASME Consortium will take over the full responsibility for Cyber Essentials delivery. Why is this relevant to you? The legal sector is under attack. In the first 6 months of 2019, law firms reported a loss of £731,250 of […]
Malcolm Wright’s Views On 5AMLD
Malcolm Wright, Chief Compliance Officer at Dignex, offers his thoughts on the Fifth Anti-Money Laundering Directive that came into force on January 10th 2020. “Jan 10th, 2020, is the date when EU Member States have to comply with the 5th Anti-Money Laundering Directive (AMLD) that was passed 18 months ago in 2018. Member states have to […]
Law Society Warns Firms Around 5AMLD Changes
With just three weeks to go until the Fifth Money Laundering Directive (5AMLD) will be introduced, The Law Society are making firms aware of the small window of time in which firms need to assess and adjust to the changes to the 5AMLD. Recently, Anti-Money Laundering (AML) experts urged the Government to take immediate action to publish […]
