Online COVID-19 course on working from home
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Since May 2014, the Solicitors Regulation Authority (SRA), as part of their Looking to the Futureprogram, have carried out a number of public consultation papers regarding reforms to allow greater flexibility for solicitors and law firms, with the aim to make legal services more accessible to the public.
In August 2018, the SRA applied to the Legal Services Board (LSB) to approve their new regulatory arrangements which they are hoping to release during 2019. The answer from the LSB was expected within 28 days. However, the LSB has just extended their decision period to 90 days, meaning a ruling on the new SRA’s regulatory arrangements is now expected by November 5, 2018.
The reforms which have been suggested by the SRA include a new simpler and easier to understand handbook. The handbook will be reduced to only 130 pages (over 300 pages less than the current handbook) and will focus on improving the professional standards of solicitors and law firms. The SRA’s main aim is to remove any rules or regulations which are unnecessarily complex and which may restrict law firms, thereby allowing legal services to be more available to the wider public.
The Regulatory Arrangement changes which are set to be introduced on a phased basis through 2019 include:
It has been a long process, but the regulatory process of these reforms is near completion. This timeline of events highlights the proposed changes to the handbook and price transparency rules.
As soon as the LSB approve the SRA drafts, VinciWorks will be preparing a new SRA course covering all the changes to the SRA’s Regulatory Arrangements including and updated Handbook and Accounts Rules and Pricing Transparency Rules, which will be released in time for the 2019 regulatory changes. If you would like to know more about the changes, complete the short form below.
A woman who spent nearly £16m over a decade in Harrods and once spent £150,000 in a single day became the first target of the recently-introduced Unexplained Wealth Order (UWO). Under this provision of the Criminal Finances Act, which came into force on 31 January 2018, the Azerbaijan international, Zamira Hajiyeva, must give proof of how she and her husband can afford their luxury lifestyle. This includes a £15m home in Central London, an average spend of £4,000 a day at Harrods over ten years and a £10m golf course near Ascot. Should she not have an adequate explanation, she would be the first to be brought to account for unexplained wealth.