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Rule changes set to bolster complaints process and modernise Accounts Rules
The Society's Regulatory Committee is set to take forward changes to solicitor practice rules following its SGM on 26 October 2022. The changes will further strengthen the sector’s robust standards by bolstering the legal complaints process and modernising Accounts Rules.
Cashroom Manager Assessment Q&A
Following on from our consultation earlier this year on our proposals to update the Society's Accounts Rules, we have compiled a Q&A in advance of our SGM this month on what the proposed changes, which would see the introduction of a Cashroom Manager Assessment, will mean for cashroom managers at law firms.
AML Round up
The ever increasing importance and visibility of AML and other economic crime issues at international, domestic and sectoral level means that it's vital for solicitors to be aware of the latest developments. Our latest AML round up provides the latest updates and news for the legal sector.
HM Treasury approval for AML guidance for the legal sector
HM Treasury has approved updated anti-money laundering guidance developed by the Legal Sector Affinity Group
New report demonstrates consensus on the need to reform legal services regulation in Scotland
The Scottish Government has published its analysis of responses to its recent consultation on reforming the regulation of legal services. We welcome the high level of agreement from respondents on improving regulatory processes.
New guidance on Law Society Style Success Fee Agreement
The Law Society has published new guidance on its style for success fee agreements. The new guidance comes into effect on 1 May 2022.
Refreshed Sectoral AML Risk Assessment
We have carried out a new, refreshed and far more detailed assessment of AML risks, tailored to the circumstances, demographic and context of the Scottish profession. The Money Laundering Regulations require that our members use this information when carrying out their own money laundering and terrorist financing risk assessments.
Legal profession concerned by Scottish Legal Complaints Commission draft budget
We have called on the Scottish Legal Complaints Commission to focus more on its core role in handling legal complaints and go further in controlling its costs.
Engaging with the complaints process
Let's talk about complaints. No one likes to be complained about, but we highlight the importance of engaging in the process as part of a solicitor's professional obligations - and seeking support if needbe.
Authorisation marks significant step towards alternative legal businesses in Scotland
The Society has been authorised as a regulator of Licensed Legal Services Providers in Scotland, marking a further step towards solicitors and non-solicitors being able to set up businesses together to provide legal and other business services to consumers in Scotland.
Law Society cautions against change which could risk higher legal bills for consumers
While we want to see major reforms to the way legal services are regulated, we have cautioned against measures which could damage the competitiveness of Scottish law firms and increase the cost of legal advice for consumers.
Read more about our response to the Scottish Government consultation on legal services regulation reform.
AML annual report 2021
We have updated our AML Supervisory Annual Report building on the interim version published in February 2021.
With a foreword from our CEO, Lorna Jack, the report highlights the work we have undertaken between April 2020 and April 2021 in fulfilling our supervisory obligations as per the requirements of the Money Laundering Regulations 2019.
Regulatory reforms must not increase costs for consumers
While reform of legal services regulation is long overdue, we have cautioned against against changes which could increase costs for consumers and damage the competitiveness of Scottish law firms.
Comment on Scottish Government consultation analysis on reforming legal complaints
The Society's President Ken Dalling comments following the publication of the analysis of the Scottish Government consultation on proposals to improve the current complaints system.
Specialist AML guidance for Trust & Company Work and Notaries published
The Legal Sector Affinity Group has published further anti-money laundering guidance for specialist areas of legal practice, following its extensive redraft of the main UK AML guidance in January.
Regulatory Committee update
The Society's Regulatory Committee Convener Craig Cathcart provides an update on the work of the committee in 2020 and 2021.
Inaugural AML supervisory report and Risk Appetite statement published
In February 2021, we published our inaugural annual anti-money laundering (AML) supervisory report, highlighting the breadth and range of AML initiatives that the Law Society of Scotland has recently undertaken, along with our first supervisory AML Risk Appetite statement.
New UK AML guidance for the legal sector
The Legal Sector Affinity Group has completed an extensive revision and redraft of the UK AML guidance for the legal sector.
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Complaints reform “a significant and positive step forward”
The Scottish Government has published a new consultation to improve the current 'complicated and cumbersome' legal complaints system.
Wrong to target high street law firms with economic crime levy
The Law Society of Scotland has said that small, high street law firms should not be hit with an additional economic crime levy.
Price transparency guidance to come into effect in January 2021
Guidance for Scottish solicitors on publishing pricing aims to help consumers better understand the cost of legal advice and services is due to come into effect in January 2021.
Law Society opposes plans for economic crime levy on solicitors
The Society has opposed proposals to introduce a UK-wide anti-money laundering levy on solicitors.
AML Roundup June 2020
It is particularly important in these difficult times, that we maintain a clear focus on our AML measures and requirements and with that in mind, we wanted to bring you a round up of AML news and events.