The Solicitors Regulation Authority (SRA) now require all firms for which they do not already hold such information, to complete a short assessment outlining how they are complying with the UK’s current financial sanctions regime.
The deadline for this assessment is 31 May.
Midgley Snelling’s expert team are available to assist you with what you need to add to this return, enabling you to submit accurately and before the deadline.
Contact us today and avoid a late submission.
Do you need to complete this assessment?
All SRA-regulated firms who were not previously required to provide a completed assessment questionnaire as part of the SRA’s 2022 anti-money laundering information exercise must take part in this exercise.
Please be aware that there are no exceptions to the requirements to do this, and the SRA may act against those that fail to submit the returns before the deadline.
The SRA will have already emailed your Compliance Officer for Legal Practice (COLP) or Authorised Signatory with instructions if your firm is included.
SRA introduces reforms to current financial penalties
Midgley Snelling urges solicitors to take heed of the updated SRA financial penalties.
The updates, which will come into effect later this year, will see the introduction of a fixed-penalty regime for lower-level misconduct and future fines for both firms and individuals linked directly to bandings based on percentages of turnover/income.
The SRA will also introduce a pilot on the use of personal impact statements for cases involving sexual misconduct, discrimination, or any form of harassment.
Midgley Snelling is up to date with all SRA changes and reforms, so if you have any questions about the latest changes or are unsure about how they will impact your firm, please contact us today.