New definition of ‘client money’ dropped but SRA gives green light to third-party accounts (LF)
The Solicitors Regulation Authority has dropped a new definition of ‘client money’ which would have excluded fees and disbursements in response to the concerns of practitioners, but is otherwise moving […]
SRA relaxes rules on client account and where solicitors can practise (LSG)
Solicitors will be allowed to practise from unauthorised businesses following a major shake-up of regulation announced today by the Solicitors Regulation Authority.
The five biggest IT threats to your firm’s GDPR compliance (LF)
Law firms hold a wealth of sensitive information, all of which will be subject to the General Data Protection Regulation, which will apply in the UK from 25 May 2018.
Stamp Duty changes are ‘shattering’ the property market, says agent (PIE)
Last year’s Stamp Duty changes have caused properties worth more than £500,000 to languish on the market while the majority of London vendors are struggling to sell across all values, […]
Money laundering update: New obligation could create ‘insurmountable problems for agents’ (PIE)
There is no doubt that if the obligation to ID buyers is included in the new Money Laundering Regulations, it will create insurmountable problems for agents.
Partners who were “authors of their own misfortune” fined £35,000 by SDT (LF)
Two partners at a high street firm have each been fined £35,000 by the Solicitors Disciplinary Tribunal for multiple accounts rule breaches – very much at the higher end of […]
Redress schemes unite to say they will publicly name and shame all rogue agents (PIE)
The three government approved redress schemes will in future jointly and publicly name and shame both rogue estate and letting agents.
Competition tribunal scolds Law Society over disclosure failure (LF)
The president of the Competition Appeal Tribunal has reproached the Law Society for a “deeply unimpressive” explanation of its failure to disclose all the documents it should have done in […]
Computer ransomware attacks: ‘no good blaming the victims’ (LSG)
Businesses should brace themselves for more attacks with ’ransomware’ – virus programs which freeze computers until a ransom is paid – experts in cyber security and law have warned.
Socrates case stayed for quantum discussions as tribunal orders Law Society to pay up to £230,000 in costs (LF)
The fall-out from the decision that the Law Society breached competition law looks set to last for several more months after the Competition Appeal Tribunal laid out the timetable for […]
Sales progression tool claims to identify property chain bottlenecks (EAT)
A sales progression tool claims to have analysed how long it takes to expedite sales chains of different lengths, and to have identified regional variations.
Latest on new Money Laundering Regulations: Agents can relax about the deadline (PIE)
David Beaumont, who provides Property Industry eye with free compliance helpline for its subscribers, has issued some advice to agents about the impending new Money Laundering Regulations.