Economic Crime and Transparency Bill removes SRA statutory fining limit

Photo of British money

The Solicitors Regulation Authority (SRA) is the regulatory body for solicitors in England and Wales. It is responsible for setting and enforcing standards for the legal profession, and has the power to fine solicitors or firms who fail to meet these standards.

Recently, the SRA has announced that it will be increasing its fines for solicitors and firms who breach its rules: The Economic Crime and Corporate Transparency Bill removes the statutory fining limit for the Solicitors Regulation Authority (SRA), allowing the SRA to set its own limits on financial penalties imposed for economic crime disciplinary matters. Since July 2022, the SRA has been able to fine ‘traditional firms’ and staff up to £25k, which would represent 90% of all fines previously issued by the Tribunal. 

Under the new fining powers, a Bridgend-based firm was slapped last month with a £15k fine plus SRA costs.

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New US legislation could require forced labour audits

Modern Slavery Freedom

Modern countries are fighting forced labour and human trafficking with legislation that makes it harder to use forced labour in their supply chains and profit from it. Modern slavery acts in the United Kingdom, United States, and other countries around the world are requiring large companies to disclose information regarding their efforts to eradicate human trafficking and slavery within their supply chains. The legislation also requires companies to take concrete steps to combat modern slavery when it is discovered. The US has recently introduced the Slave-Free Business Certification Bill 2022.

Slave-Free Business Certification Bill of 2022: What is it?

With this recent bill, the US is joining the growing list of countries requiring businesses to examine more extensively possible problems with modern slavery in their supply chains. If passed, the bill will require large companies to undergo mandatory audits that will identify if they are or are not using forced labour within their supply chains.

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What we learnt from our ESG survey

What is ESG?

The acronym stands for Environmental, Social and Corporate Governance, and refers to three central factors in measuring the sustainability and societal impact of a company or business. 

Global businesses are no longer working on environmental, social and governance issues in a silo. They are bringing them together under the banner of ESG to demonstrate the positive impact their existence is having on the world.

The webinar

VinciWorks recently held an on-demand webinar covering everything ESG: a new, more holistic approach to corporate accountability.

In this webinar, our experts explored the future of corporate accountability rules, and how to stay on top in the changing world of corporate compliance.

The webinar covered:

  • New ESG regulations in the UK, US and EU
  • How to undertake an internal ESG audit
  • Preparing for ESG reporting and regulatory disclosures
  • What VinciWorks can do to help with ESG compliance
  • Your questions on ESG reporting and compliance
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VinciWorks by the numbers: 2022 – a year in review

2022 was an exciting year of growth for VinciWorks, as we continue our mission to reinvent the impact that e-learning can make. Over this past year, we have combined with Skill Boosters, DeltaNet, Compliance Office and EssentialSkillz to build the most comprehensive library of compliance, diversity and inclusion, and health and safety training in the industry.

Over the next few months, we will be offering a significantly expanded offering of training with different styles, tailored to each industry and each individual learner. In the meantime, here are some of the highlights from 2022.

1.7m diversity and inclusion videos streamed

Our partner Skill Boosters is the UK’s leading provider of video-based training on equality, diversity and inclusion, leadership, communication, personal effectiveness and workplace well-being. Skill Boosters Members’ Resource Centre (MRC) provides clients with instant access to preview and download all of Skill Boosters’ online courses, films, trainer packs, learner notes and other useful items. Our most streamed topics in 2022 covered allyship, neurodiversity, race bias, transgender awareness and unconscious bias. We have big plans for 2023, with upcoming courses covering intersectionality, inclusion and sexual orientation on the agenda.

1.2m compliance courses delivered

2022 had a returned focus for our clients to core regulatory topics. Anti-money laundering, anti-bribery and tax evasion have supplanted cyber security and data protection as the key topics for the year. Alongside those regulatory topics, we continue to see growth in D&I, ethics and mental health.

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Why is ESG training important for employees?

ESG awareness training

Engaging today’s employees and attracting tomorrow’s talent – the importance of ESG

Looking around, we see evidence of companies responding to growing environmental, social, and governance (ESG) issues everywhere. Whether it is announcing net-zero emissions targets, closing the ethnicity pay gap, or reducing plastic in packaging.

These efforts are often undertaken to satisfy investor expectations or consumer demand. But another critical stakeholder group mutually benefits with ESG – employees. The key to ESG success, employees are on the frontlines of implementation. What’s more, employees want to work for companies that share their values, making ESG table stakes for talent attraction and retention.

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New SRA course: Ethics for Law Firms

Employees of law firms are regularly confronted with ethical dilemmas in the course of their work. These dilemmas stem from conflicting principles in the ethical code and the complex nature of legal work. VinciWorks’ new course, Ethics for Law Firms, part of the larger SRA training suite, introduces learners to the foundations of ethical thinking and provides the tools for how to deconstruct dilemmas, extract the conflicting principles, evaluate the situation and make a considered decision. 

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What ESG procedures should your business have?

What does an ESG committee do?

As ESG – environmental, social, and governance – criteria become more important for regulators, investors, and customers, many managers are facing an ESG imperative – to measure ESG risks and track progress. ESG may seem like a fundamental shift in business practices, and in some cases, it may be. Fortunately, however, ESG can be integrated into many familiar business processes, such as the annual cycle of financial reporting. ESG can then be matured through annual iterations to achieve more ambitious targets.

This article outlines the key procedures that businesses need to respond to the ESG imperative, addressing stakeholder needs while creating value:

  1. The materiality assessment
  2. Goal setting and gap analysis
  3. Data collection
  4. Reporting
  5. Assurance
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UK MDR: Regulations to come into force in the first half of 2023

HMRC have just released their summary of responses from their consultation on the UK’s Mandatory Disclosure Rules (MDR).

There were three major outcomes from the responses.

1. Historic Lookback Period 

HMRC had initially suggested that the historic lookback period under UK MDR would go back to 29th October 2014 in line with the Model Mandatory Disclosure Rules for CRS Avoidance. Having considered the balance between burdens on the business and the likely compliance benefits of the data, the government has decided that reporting pre-existing arrangements should only be required from 25 June 2018.

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The SRA’s guidance on sexual misconduct – What you need to know

The SRA’s guidance on sexual misconduct – What you need to know

Recently, the Solicitors Regulation Authority (SRA) issued new detailed guidance for how regulated firms must handle different situations related to sexual misconduct. The guidance comes after years of increasing complaints of misconduct within the sector. 

The guidance is intended to clarify the SRA’s expectations for what is acceptable workplace behaviour, the way firms handle reports of sexual misconduct, and when regulatory action is needed. It lays out a model for understanding the way the regulator thinks about which types of actions require intervention.

Try our course – Sexual Misconduct: Understanding the SRA Guidance

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