Director of Best Practice Gary Yantin and Legal and Research Executive Ruth Cohen recently travelled to Birmingham to meet with the SRA and discuss what’s coming up in the next 12 months. The new SRA Handbook is going to see some important changes in the regulation of solicitors, and we’re working hard at VinciWorks to make sure you have the tools you need to understand the Handbook and be compliant with the updated rules.

Overall, solicitors can not only expect a shorter, simpler code but two codes of conduct; one for individuals and one for firms. Nevertheless, the revised, 20th edition of the SRA Handbook was published on 1 October and contained a series of changes to the Insurance Distribution Directive (IDD).

The key changes being introduced by the SRA

SRA to provide regulatory guidance, yet support additional training from compliance providers

The SRA, while focusing on regulation, will be providing guidance to support the implementation of the upcoming regulatory changes. In addition to their own guidance, the SRA sees the role of compliance providers such as VinciWorks to provide additional guidance and training materials for law firms.

Price Transparency Rules being released in December 2018

This is a major change in how law firms must publicise their prices for certain services.

Accounts rules changing

In the last 12 months alone, there have been 20 prosecutions of solicitors by the SRA for breaching accounts rules. The Legal Services Board are currently considering rule changes and if approved, these will come into force together with the new Handbook.

Handbook release date

Despite the fact the Legal Services Board have issued an extension notice for their decision on the Handbook amendments, the SRA are still aiming to release the new Handbook in April 2019.

What’s happening in 2019?

The SRA has been continuing their consultations on Professional Indemnity Insurance and the Compensation Fund together with consultations on reporting misconduct to the SRA.

VinciWorks hosted a webinar where we discussed the changes to the Handbook with the SRA’s Richard Williams. You can watch a recording of the webinar here. We’ll also be publishing more reference guides, blogs and guides on the forthcoming Handbook changes, not to mention our SRA Handbook and Accounts Rules courses being released early next year.