- in the category: Regulation
The Society has criticised the SLCC for failing to listen to concerns over its plans to impose a third consecutive above-inflation rise in its budget and levy, and has highlighted the need for improved oversight of the organisation.
Changes to Law Society of Scotland Practice Rules will provide Scottish solicitors with greater clarity on what is expected of them in their interactions with the Society and their duty to comply with the 2017 Anti-Money Laundering Regulations.
We have criticised the Scottish Legal Complaints Commission's plans for a third consecutive above-inflation levy on solicitors which risks rising costs for legal services consumers.
The legal sector’s provision of Trust or Company services as an inherently high risk area of business and one which will provide the focus for our next phase of AML supervisory activity.
The Society is consulting on proposed rule changes in advance of the 2019 AGM on 30 May.
The AML landscape is changing and coming under ever growing scrutiny at national and international level. As the AML supervisor for law firms across Scotland it is vital that the Law Society of Scotland continues to deliver a robust regulatory regime which benefits both our members and members of the public.
Individuals with concerns that members of the legal community are involved with financial improprieties or money laundering, can now anonymously report their concerns to the professional body for Scottish solicitors.
The proposed budget, which includes a 9.2% rise in income funded by a levy on solicitors and advocates, comes on the back of a series of double digit percentage rises over recent years.
Craig Cathcart, senior lecturer at Queen Margaret University’s Business School, has been appointed convener of the Law Society’s Regulatory Committee.
Earlier this year, firms covered by the scope of the 2017 Regulations completed the AML registration process and as the next major step as a Professional Body Supervisor, those same firms are required to complete a compulsory questionnaire, the AML Certificate. Fraser Sinclair, our AML Auditor explains how he came to be involved and why it's so important.
Carole Ford, lay convener of the Regulatory Committee, writes about the need for reform of legal services regulation which ensures robust public protections.
Christine McLintock, former General Counsel of Pinsent Masons and member of the Roberton review panel, discusses Esther Roberton's report on the regulation of legal services.