SRA releases guidance on the key changes in the SRA Standards and Regulations

SRA releases guidance to help you better understand the key changes in the SRA Standards and Regulations

Ahead of the 25 November release of their new Standards and Regulations, the SRA has published a suite of guidance and support materials, designed to help you better understand any areas of significant change compared to our existing rules or areas of new opportunities.

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The guidance has been divided into four different sectors:

Accounts Rule
Authorisation
Unregulated Organisations
Other

Accounts Rule Guidance

The focus of this guidance primarily revolves around the concept of client accounts. Important questions tackled by the guidance include details of accountants’ reports, how to plan for their completion and when you have an exemption to obtain one, whether you need to operate a client account, how to keep accurate client accounting records, how to tackle joint accounts and the steps you should take to deal with third-party managed accounts.

Authorisation Guidance

This guidance explains the process for a Firm authorisation and discusses which businesses can now be authorised by the SRA, as well as whether a business is required to be authorised. There is also further guidance on how to prepare to become a sole practitioner or an SRA regulated independent solicitor. There is also further guidance on when a practising certificate is required.

Unregulated Organisations Guidance

An unregulated organisation requires an additional set of rules and regulations. This guidance focuses on conflict and confidentiality in relation to unauthorised organisations and the importance of giving accurate information to clients, there is also guidance for employers of SRA regulated lawyers such as in circumstances where they are hired as “in-house counsel”.

Other Guidance

The SRA has also released guidance on other topics including how to deal with Client Care Letters, how to act with integrity (as opposed to honesty), being registered foreign lawyers, working in the not-for-profit sector, and general guidance on the SRA’s approach to equality, diversity and inclusion.

SRA Standards and Regulations training – four new courses

Screenshot of SRA Standards and Regulations training — All our SRA courses include interactive scenario questions to test users’ knowledge and understanding of their responsibilities under the new Standards and Regulations

VinciWorks’ series of online SRA courses will cover the key sections of the Standards and Regulations. Written in clear, plain language, the training includes many examples and scenarios taken directly from the Solicitors Disciplinary Tribunal (SDT) decisions. VinciWorks’ SRA training suite includes a course for all staff and specialised courses for accounts staff, partners, managers and compliance officers.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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