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May 17, 2022
Professional indemnity insurance – Council for Licensed Conveyancers (CLC) application for Legal Services Board approval to changes in compulsory insurance requirements
This contains a number of measures proposing an automatic 90-day extension of cover to allow an orderly wind-up in the event that a practice is unable to secure renewed cover, greater flexibility in relation to excesses, and administrative provisions to facilitate renewals relating to issue of claims histories and the renewal timetable.
See here.
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May 6, 2022
The Legal Services Board has published consumer research on professional indemnity insurance
See here.
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April 29, 2022
Revolaze, L.L.C. v. Dentons US L.L.P., 2022-Ohio-1392
US conflicts case holding that US and Canadian members of a verein were to be treated as a single law firm for conflict purposes. A decision of the Ohio Court of Appeals, Eighth District, arising from a patent infringement case involving use of laser abrading technology to create the worn and faded look on new jeans and other denim garments, instead of the traditional sandblasting or hand sanding (which carried the risk of silicosis, which may result in death). The judgment also provides an interesting insight into litigation funding.
See here.
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April 28, 2022
Legal Services Board discussion paper: Financial Protection Arrangements for consumers
At its board meeting on 26 April 2022, the LSB approved the project to improve the way frontline regulators approach financial protection for consumers.
See here.
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April 12, 2022
SRA – Solicitors Indemnity Fund extended to allow for further consideration
SRA News release – the SRA will seek a further 12-month extension to the Solicitors Indemnity Fund (SIF) – to September 2023 – to enable detailed consideration of key points raised in feedback. See here.
The feedback from the recent consultation has also been published, see here.
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April 6, 2022
SRA guidance on confidentiality of client information
This has been revised and includes guidance on submissions to legal directories, information barriers, due diligence on law firm mergers and acquisitions, and responding to third party complaints to the Legal Ombudsman.
See here.
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March 29, 2022
Updates to Money Laundering Regulations 2017 High Risk Third Countries List
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 are in force from today (29 March 2022), amending Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. United Arab Emirates has been added to the high risk third countries list and Zimbabwe has been removed.
See here.
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March 23, 2022
Office of Financial Sanctions (OFSI) – updated guidance (22 March 2022)
OFSI has updated its general guidance by adding a paragraph to Chapter 4 on ownership and control and its approach to the aggregation of different designated persons’ holdings in a company.
See here.
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March 18, 2022
SRA Updated guidance on Russian sanctions
See here.
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March 18, 2022
SRA Separate Business Guidance, addressing issues of informed consent and conflicts and confidentiality
See here.
