At long last, we now have a date on the horizon for the introduction of the new version of the SRA Accounts Rules. Whilst the consultation process started back in June 2016, it was only last week (14 June 2018) that the Solicitors Regulation Authority (SRA) announced that the SRA Accounts Rules  have now been approved by the SRA Board and will, subject to the approval of the Legal Services Board (LSB), be introduced in April 2019.
The new version of the SRA Accounts Rules were approved by the SRA Board on 30 May 2018 and have been reduced to just seven pages in length.
The SRA have updated their guidance on the application of Rule 14.5 of the SRA Accounts Rules 2011 to assist firms in avoiding the improper use of their client account as a banking facility.
A recent disciplinary outcome published by the Solicitors Regulation Authority (SRA) demonstrates what could be viewed as a new and tougher approach towards residual client ledger balances.
We are delighted to announce the launch a new two-day course aimed at those seeking to learn about the role of a legal cashier.
A review of recent SRA Accounts Rules related findings published by the Solicitors Disciplinary Tribunal clearly highlights the SRA's current key regulatory focus area, that is, Rule 14.5 of the SRA Accounts Rules 2011 which prohibits the use of a firm's client bank account to provide a banking facility to clients.
Understandably, with so much focus on the imminent introduction of GDPR, it is possible that some firms will be unaware of the impact that Making Tax Digital (MTD) will have upon solicitors' firms and others in the legal sector.
Two cases brought to the Solicitors Disciplinary Tribunal (SDT) by the Solicitors Regulation Authority (SRA) in recent months highlight the importance of appropriate supervision by both the Compliance Officer for Finance and Administration (COFA) and the Compliance Office for Legal Practice (COLP) with regard to SRA Accounts Rules 2011 compliance.
Regular readers of our newsletter will be fully aware of the impact of the Brabners LLP ruling which threw many solicitors' firms into a state of panic last Autumn over the treatment of VAT on disbursements.
With almost nine months having passed since the Money Laundering Regulations 2017 became law in the United Kingdom now is a good time to take stock of where we are from a regulatory perspective.
Legal Finance Professionals are pleased to announce the launch of a new training course for those firms regulated, or thinking of becoming regulated, by the Intellectual Property Regulation Board (IPReg).
The suspension of Charles Smith, formerly a Member of the firm Clyde & Co, serves as a stark reminder to all about the importance of dealing with residual client ledger balances in a manner that is compliant with the SRA Accounts Rules 2011.
The recently published UK National Risk Assessment (NRA) of Money Laundering and Terrorist Financing 2017 identifies the key money laundering risks affecting the legal sector.
The draft SRA Accounts Rules 2018 were published by the SRA on Wednesday 14 June 2017 and have been reduced to just seven pages containing twelve rules.
With the new Money Laundering Regulations 2017 soon to become law, is your firm ready?
With the draft Money Laundering Regulations 2017 having been published recently, we are delighted to offer those seeking a clearer understanding of this important new UK legislation, the chance to attend one of our new anti-money laundering training course in Leeds, London, Newcastle upon Tyne or Cardiff.
If your firm has a problem with residual client ledger balances, there are various ways in which we can help and provide assistance to ensure that your firm is compliant with the SRA Accounts Rules 2011.
In 2017 we will be hosting a series of two-hour long Residual Client Ledger Balance Workshops in several locations across the country.
The existence of residual client ledger balances can present very real problems for the firm's Compliance Officer for Finance and Administration (COFA). One of the most common questions that arises during our COFA Masterclass is, at what point does the existence of residual client ledger balances within a firm become a reportable breach? In this article subject expert, Richard Lane, considers the issues involved.
For many individuals who currently fulfill the role of Compliance Officer for Finance and Administration (COFA), whether within a traditional solicitors' firm or an Alternative Business Structure (ABS), one of the greatest frustrations involved with the role has been the lack of any meaningful guidance explaining the Solicitors Regulation Authority's (SRA) expectations of them.
With the continuing demise of the traditional cheque as a means of payment there is no doubt that clients are increasingly likely to look to use their credit or debit card instead - particularly in settlement of their solicitor's bill.
On 1st January 2016, changes to the Financial Services Compensation Scheme (FSCS) were introduced which have seen the level of cover provided to eligible individuals under the scheme reduced from £85,000 to £75,000.
A new version of the SRA Accounts Rules 2011 is due to be introduced on 1st November 2015 which will bring significant changes to the Accountants Report regime.
The EU 4th Money Laundering Directive will lead to new Money Laundering Regulations being introduced in the UK within two years.
There are very few firms of solicitors that do not have a problem, to a greater or lesser extent, with old residual balances on their clients' ledger. For many, these balances may only be a few pounds or even a matter of pennies but, even so, they can create very real compliance problems under the SRA Accounts Rules 2011.
The Solicitors Regulation Authority (SRA) has recently issued guidance aimed at Compliance Officers for Finance and Administration (COFA's) which suggests that any firm considering applying to the SRA for a waiver under Rule 20.1(k) of the SRA Accounts Rules 2011 to pay such balances over to a charity should consider delaying their application pending the introduction of Version 11 of the SRA Accounts Rules 2011 due to be introduced in October 2014. Forthcoming amendments to the SRA Accounts Rules 2011 will see the upper limit for paying monies to charity under Rule 20.1(j) of the SRA Accounts Rules 2011 increased from £50 to £500.
The SRA has recently issued a warning to be wary of scammers tricking firms into disclosing bank security information over the telephone.
The November edition of 'Managing for Success', the magazine of the Law Society's Law Management Section, features an article entitled "Under the microscope" by Legal Finance Professionals Limited director, Richard Lane explaining what to expect should your firm be the subject of a visit from the SRA's Forensic Investigation Unit.
Download the article as a PDF or read the full text below.
We have finalised our schedule of SRA accredited legal CPD training courses for 2014/15. The schedule includes a new training course, entitled An Introduction to Solicitors Accounts, aimed at those who are experienced bookkeepers but new to solicitors accounts and provides an introduction to the key aspects of accounting within the legal sector.
The Solicitors Regulation Authority (SRA) recently launched a consultation seeking the views of interested parties on their proposals to scrap the mandatory requirement that all solicitors and others subject to the SRA Accounts Rules 2011 be required to have an annual audit carried out by an independent accountant, who is also a registered auditor, and to file an Accountant's Report with the SRA.
There has been much debate in the legal sector, during recent years, about the application of 'Fixed Fees' and with good reason as, when done correctly, the cash flow benefits to a firm can be significant.
Legal Finance Professionals Limited offer a dedicated support service for those appointed as a firm's Compliance Officer for Finance and Administration (COFA) or Compliance Officer for Legal Practice under the SRA Authorisation Rules 2011.
Accepting a cheque from, or on behalf of, a client and drawing against that cheque before it has cleared can have disastrous consequences. However, often unwittingly, many solicitors take that risk every day due to a lack of awareness of the 2-4-6 system for cheque clearance.
On 1st October 2013, the Solicitors Regulation Authority (SRA) published version 8 of the SRA Handbook 2011 which included a number of updates to the SRA Accounts Rules 2011 (incorrectly referred to as the SRA Accounts Rules 2013 in the SRA's Release Notes!).
The Solicitors Regulation Authority (SRA) is soon to publish Version 8 of the SRA Handbook. The new version, which is effective from 1 October 2013, will see changes to the existing obligation on COLPs and COFAs to report non-material breaches of either the SRA Accounts Rules 2011 or the SRA Code of Conduct 2011 on an annual basis.
During December 2013, January 2014 & February 2014 we have a limited number of dates available where we are offering to deliver one of our SRA accredited legal CPD training courses at your premises for just £750 + VAT†. This represents a saving of almost 50% against our normal rate for an in-house CPD training course delivered in London or the South East.
We are delighted to announce the launch of a new SRA accredited CPD training course for COLPs.
We are offering a FREE place on all of our SRA accredited CPD training courses being held in February and March 2013.
Speaking at the Law Society's Risk and Compliance Annual Conference in London on Friday 15 March 2013, Samantha Barrass, Director of Supervision, Risk and Standards at the Solicitors Regulation Authority (SRA), announced plans to launch a consultation regarding dropping the requirement to report non-material breaches.
Legal Finance Professionals Limited are pleased to announce the introduction of a new SRA accredited CPD training course which has been designed to enhance the knowledge and understanding of individuals nominated to act as a firm's Compliance Officer for Finance and Administration (COFA).
Samantha Barrass, SRA Executive Director, has warned that hundreds of firms are likely to miss the 1st January 2013 deadline for appointing their COLP and COFA.
Legal Finance Professionals have published a guide for those thinking of accepting nomination as a firm's Compliance Officer for Finance and Administration (COFA) under the SRA Authorisation Rules 2011.
We have finalised our schedule of SRA accredited CPD legal training courses through to the end of June 2013. The schedule includes a new course, entitled COFA Masterclass, for those nominated to act as the Compliance Officer for Finance and Administration within a firm or Alternative Business Structure (ABS).
It has emerged that the Solicitors Regulation Authority (SRA) is set to delay the implementation of the compliance officer regime until 2013.
Speaking at a conference yesterday, Samantha Barrass, SRA Executive Director, announced the SRA's revised plans for nominating and appointing Compliance Officers for Legal Practice (COLP's) and Compliance Officers for Financial Administration (COFA's).
We have finalised our schedule of SRA accredited CPD legal training courses for 2012 which includes new courses on the SRA Handbook, SRA Accounts Rules and the role and responsibilities of COFA's.
The SRA have announced that they are extending the deadline for nominating COLPs and COFAs from 31 March 2012.
The SRA has published the 3rd version of the SRA Handbook which includes some minor amendments to the SRA Accounts Rules 2011. Although not published until 23 April 2012, the 3rd version of the SRA Handbook is effective from 18 April 2012.
The SRA have announced that the start of the process for nominating COLP's and COFA's has been delayed.
The Solicitors Regulation Authority (SRA) published the new SRA Handbook on 6 October 2011. The SRA Handbook includes the new SRA Code of Conduct which replaced the Solicitors Code of Conduct 2007 and the SRA Accounts Rules which in turn replaced the Solicitors Accounts Rules 1998. Notwithstanding the fact that the new SRA Handbook had been in issue for less than three months, the first amendments have already been made with the second edition of the SRA Handbook having been published on 23 December 2011.
With the name of the individual who will act as a firm's Compliance Officer for Finance and Administration (COFA) having to be submitted to the Solicitors Regulation Authority (SRA) by 31 March 2012, Legal Finance Professionals Limited are pleased to announce the launch of a new SRA accredited CPD training course which has been designed to meet the training needs of those individuals who have already been nominated to act the COFA or are considering taking on the role of COFA.
Fixed fees have been the topic of much debate recently and with good reason as the cash flow benefits can be significant to a firm.
We have now finalised our schedule of SRA accredited CPD legal training courses for 2011 which include new courses on the SRA Handbook covering both the SRA Accounts Rules and SRA Code of Conduct.
The Solicitors Regulation Authority has confirmed that the SRA's Standards Committee has considered the responses received to the recently closed consultation on the new SRA Handbook and has approved an amended draft Handbook for submission to the full SRA Board for approval at their forthcoming meeting on 15 March 2011.
There have been a number of recent cases heard at the Solicitors Disciplinary Tribunal where solicitors are alleged to have made a secret profit from their clients as a result of the way in which they have charged clients for telegraphic transfer fees.
There are very few firms of solicitors that do not have a problem, to a greater or lesser extent, with old residual balances on their clients' ledger. Often, these balances may only be a few pounds or even a matter of pennies but, even so, they can create very real compliance problems under the SRA Accounts Rules 2011.
We are offering a Two for One offer to our newsletter subscribers wishing to attend our VAT for Solicitors course to be held in London on Monday 11 July 2016.
We are pleased to announce the relaunch of our recruitment agency service for legal cashiers, other finance staff and compliance officers.
We are pleased to announce a new opportunity with a leading regional law firm in Leicestershire.
Legal Finance Professionals are pleased to offer our clients a full website compliance review at a fixed fee of just £150 + VAT.
On 30 May 2018, the Board of the Solicitors Regulation Authority approved the SRA Transparency Rules which come into effect in December 2018.