Compliance Lifeline: February 2024
Enderley Consulting Limited
SRA compliance experts supporting law firms with help and guidance. A helping hand for your MLRO, COLPs and COFAs.
Welcome to this month's edition of our monthly newsletter, Compliance Lifeline. There is always so much to write about that it's hard to keep the Lifeline to a readable length! We have a different editor this month; Anne Austin was busy on client work so I ( Edward Austin ) have taken over. I hope that you enjoy my selections. As ever if you have any questions arising from any of our articles this month, don't hesitate to get in touch with Anne or I.
SRA Accounts Rules...residual balances
This month we draw attention to SRA Accounts Rule 2.5, which requires firms to return client money as soon as there is no proper reason to hold it. Read more here > https://enderleyconsulting.co.uk/sra-accounts-rules-residual-balances/
Companies House update: fees and ECCTA reminder
With effect from 1 May 2024 Companies House are increasing their fees, plus the Registrar has published a gentle warning notice about the effect of the Economic Crime and Corporate Transparency Act.
Read more here >https://enderleyconsulting.co.uk/companies-house-new-rates-2024/
Law Society concern over sloppy security practices
There are close links between data protection and cyber security. The Law Society recently reported a frankly alarming cyber security incident on public transport!
Read more here > https://enderleyconsulting.co.uk/law-societys-concern-over-sloppy-cyber-security-practices/
Anti-money laundering update
The SRA continues to roll out its enforcement action; the Law Society's Gazette reports on another firm fined eye-watering amounts for AML failures!
Updated UK Sanctions list: February 2024
AML only affects the activities set out in Chapter 1 of the Money Laundering Regulations but sanctions affect all solicitors, whether in scope of AML rules or not.
Read more here > https://enderleyconsulting.co.uk/sanctions-update-february-2024/
Information security/data protection update
Article 42 GDPR provides for the ICO to approve private (and voluntary) certification schemes aimed at processors of personal data. They have now approved the Legal Services Operational Privacy Certification Scheme ('LOCS 23').
Read more here > https://enderleyconsulting.co.uk/information-security-and-data-protection-for-uk-law-firms/
Change to the Legal Ombudsman's postal address
We've written about this on our website before, but it bears repeating...the Legal Ombudsman has changed its postal address, and that means actions for your law firm.
And finally...
That's it for this month. I hope you enjoyed reading this edition. As ever, we greatly value reader feedback, especially positive feedback, but not-so-good thoughts are welcome too; is the Lifeline addressing the right issues, does it give enough information, what else would you like to see us writing about? All comments warmly 'solicited'! See what I did there?!
Also, if you've subscribed to receive this LinkedIn letter, thank you. We want our news to reach as many of our clients, contacts and followers as possible. If you'd prefer to receive this news directly into your inbox, you can drop either Anne or I an email - [email protected] / [email protected].
If you'd prefer to chat then we're on the other end of the phone - 01743 294863. Or, take a look through our website to see how we can help you and catch up with all of our news www.enderleyconsulting.co.uk
With best wishes
Ed
Solicitor and Director
Enderley Consulting Limited