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Insurance Distribution Directive (IDD)—timeline [Archived]

Insurance Distribution Directive (IDD)—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For more information about the Directive 2016/97/EU, Insurance Distribution Directive (IDD), see: Insurance Distribution Directive (IDD)—essentials and for information concerning the impact of the UK’s departure from the EU, see: Impact of Brexit: Insurance distribution—quick guide [Archived]. 2023 Date Source Document Description 2 October 2023 European Parliament Draft Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document (COM(2023)0278 – C9-0180/2023 – 2023/0166(COD))Draft Report on the proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules The European Parliament’s Committee on Economic and Monetary Affairs (ECON) published draft reports on the European Commission’s Retail Investment Package.See: LNB News 05/10/2023 13. 15 September 2023 Official Journal Six decisions of the European Economic Area Joint Committee amending...

Consumer credit—timeline (2011–2023) [Archived]

Consumer credit—timeline (2011–2023) [Archived] This timeline outlines the key developments relating to consumer credit, from both a UK and EU perspective (2011–2023). This timeline is archived and is no longer maintained. For key developments relating to the UK's consumer credit regime, see UK Consumer credit—timeline. 2023 Date Source Document Description 16 November 2023 FCA Review of our approach to secondary brokers The FCA announced that it has recently reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers, looking specifically at how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services. As part of this review, firms that were authorised as Full Permission credit broker firms may be eligible to become authorised as Limited Permission firms, depending on what activities they undertake. If they are eligible to change from Full to Limited Permission, they may be entitled to a refund on a proportion of their past regulatory fees. 14 November 2023 FCA CP23/21: Consumer credit—Product Sales...

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Personal injury referrals—SRA examples, flowchart and guidance

Personal injury referrals—SRA examples, flowchart and guidance This Practice Note summarises guidance and examples given by the Solicitors Regulation Authority (SRA) about what may constitute a permitted or prohibited referral arrangement for personal injury matters: The SRA guidance was published under the SRA regime 2011, but appears to apply equally to the SRA 2019 regime. What is prohibited? To fall foul of the personal injury (PI) referral fee ban, you must: • receive a referral • of a PI or ancillary claim • pay a prohibited referral fee, ie a fee for the referral itself, rather than in consideration for the provision of services or for another reason For more guidance see Practice Notes: Personal injury referral fee—the statutory regime and Personal injury referral arrangements—SRA requirements—What does the SRA prohibit? SRA guidance It is clear from Solicitors Regulation Authority's (SRA) guidance that there are two circumstances in which it considers the referral fee ban will not apply: • there is no referral as defined by the Legal...

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Solicitors Regulation Authority

The Solicitors Regulation authority (SRA) is the independent regulatory arm of the Law Society. It regulates:•individual solicitors, registered European lawyers (RELs), registered foreign lawyers (RFLs) and non-lawyer employees, owners and managers of regulated law firms•law firms, eg sole practices, partnerships, LLPs and companies providing legal advice and services as:◦a solicitor practice (ie a firm owned and managed by solicitors), or ◦an alternative business structure (ABS) (eg a firm with non-lawyer owners or managers)The SRA does not represent the solicitors’ profession, which is the function of the Law Society. Its purpose is to ensure that consumers receive a good service and that the rule of law is upheld. This Practice Note explains the SRA’s structure, role and powers.Structure The SRA’s work is overseen by the SRA board, which comprises both solicitor and lay members, with the majority being non-lawyers. The board is assisted by three committees covering:•audit and risk•nominations•remunerationThe SRA is predominantly based in Birmingham but also has offices in London.Relationship with the Law Society and the Legal Services BoardThe Law...

SRA’s authorisation function

The Solicitors Regulation Authority (SRA) has three core operational functions: •authorisation (which this Practice Note covers)•supervision (see Practice Note: SRA’s supervision function)•enforcement (see Practice Note: SRA’s enforcement function)In order to provide reserved legal services or, in the case of an individual, to hold yourself out as a solicitor, you must be authorised by one of the legal services regulators. The SRA’s authorisation teams ensure that applicants for authorisation are properly vetted. Only those who can demonstrate that they meet the required standards will be authorised by the SRA. This Practice Note describes the SRA’s approach to authorisation.Who the SRA authorisesThe SRA deals with applications by:•organisations for approval as recognised bodies (ie law firms owned and managed by solicitors), recognised sole practices or alternative business structures (ABSs) (characterised by the involvement of non-lawyer owners and/or managers)•individuals for:◦admission as solicitors◦approval as managers, owners or compliance officers of firmsRisk-based authorisationThe SRA is measured by the Legal Services Board (LSB) on its performance in delivering the following regulatory objectives:•protecting and promoting the public interest•supporting...

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Step-in rights and SRA compliance clauses: law firm outsourcing agreement

1 Definitions for Step-in rights and SRA compliance clauses: law firm outsourcing agreement Applicable Laws means: (a) the laws of England and Wales [and [insert other specific applicable laws, eg of other jurisdictions where the Services will be performed]]; (b) any other laws or regulations; (c) any industry codes, policies or guidelines issued by a Regulator as notified to Supplier by Customer from time to time in each case, as these are applicable to the performance of the Services; Confidential Information ...

Quarterly referral and fee sharing monitoring record

Quarterly referral and fee sharing monitoring record This precedent can be used to undertake routine monitoring of any referral and fee sharing arrangement in place. It can be used for personal injury and non-personal injury matters. The question ‘Have we paid a prohibited

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By reference to the Leasehold Reform (Ground Rent) Act 2022, can a landlord and tenant lawfully agree to increase the ground rent by way of a deed of variation where it is the only change to the lease and will not amount to a surrender and re-grant?

By reference to the Leasehold Reform (Ground Rent) Act 2022, can a landlord and tenant lawfully agree to increase the ground rent by way of a deed of variation where it is the only change to the lease and will not amount to a surrender and re-grant? This Q&A assumes that the lease in this scenario is a long lease of a single residential dwelling (not being a retirement dwelling) granted before 30 June 2022. The Leasehold Reform (Ground Rent) Act 2022 (LR(GR)A 2022) is relevant to long leases of a single dwelling granted after 30 June 2022 (or 1 April 2023 in the case of leases of retirement homes) (LR(GR)A 2022, ss 1, 3 and 7 and Leasehold Reform (Ground Rent) Act 2022 (Commencement) Regulations 2022, SI 2022/694, rr 3–4). It does not apply to leases of commercial property. From 30 June 2022, LR(GR)A 2022 restricts the level of ground rent that a landlord of an individual dwelling can lawfully charge its tenant under a ‘regulated lease’ (as defined...

Can I charge my client and/or opponent for costs and disbursements if I have forgotten to send a client care letter?

Can I charge my client and/or opponent for costs and disbursements if I have forgotten to send a client care letter? Conduct issues Practice Note: Client care letters and TOB—regulatory requirements 2011 [Archived] explains that there is very little information that the Solicitors Regulation Authority (SRA) specifically requires you to provide to the client in writing at the outset of their matter, ie in your client care letter or terms of business (TOB). In fact, there is no regulatory requirement to have either a client care letter or a terms of business document. Despite this, having both a client care letter and terms of business document will help ensure that you achieve relevant SRA requirements, comply with other regulatory requirements and follow the Law Society's guidance. Practice Note: Information on costs—new clients 2011 [Archived] sets out SRA requirements and Law Society expectations in relation to costs information. Failure to provide adequate costs information is one of the most common causes of complaint to the SRA and Legal...

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FCA urges better AML regulation of conveyancing

Law360, London: OPBAS, the supervisory body for watchdogs in the legal and accountancy sectors has told them that they must take further steps to prevent money laundering in the transfer of ownership in UK property transactions.

Risk & Compliance weekly highlights—28 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the new Risk & Compliance forecast, the latest sanctions news, the launch of a bribery investigation into defence firm Thales by the SFO and INTERPOL’s successful global operation against financial cybercrime.