Compliance & Regulation
Supporting firms to comply with the SRA Code of Conduct, FCA Authorisation and other Regulatory Objectives.
Services
Decoding Complexity when dealing with both the SRA & FCA.
Accreditations
Accreditations
Learning & Development
Learning & Development
File Reviews & Audits
File Reviews & Audits
Policies & Procedures
Policies & Procedures
New Firm Authorisation
New Firm Authorisation
SRA Investigations
FCA Authorisation
Compliance Support
Performing the role of a COLP or COFA of a law firm need not be daunting or onerous. By outsourcing to Remote Court Users, firms can ensure they are ‘Keeping Compliance in Check’.
RCU have supported both COLP and COFAs in meeting their legal and regulatory obligations such as the Solicitors Regulation Authority (SRA) Standards and Regulations, SRA Accounts Rules, AML, Data Protection, and Complaints Handling. This has included implementing systems and controls to ensure compliance, assessing whether a breach is serious and as such promptly reportable to the SRA, regular regulatory updates, as well as ongoing support via telephone and email on any compliance related issues.
Please reach out for a tailored quote. Our prices start from as little as £350 per month depending on the number of fee earners at your practice.
Accreditations
RCU has supported firms in making applications to achieve or maintain the Law Society’s Quality Service Standards such as Lexcel or CQS.
The Lexcel practice management standard is only awarded to firms who meet the highest management and client care standards.
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices. Membership establishes a level of credibility for firms with stakeholders such as regulators, lenders, and insurers as well as residential homebuyers and sellers.
Our subject matter expert in this area is a Law Society trained Lexcel Consultant and RCU can prepare firms to meet the quality service standards which are then checked against the Lexcel or CQS self-assessment checklist to ensure they are meeting the required standards, carry out mock file review audits, fee earner and support staff interviews and guiding firms through the application process.
For those firms that are subject to re-accreditation or audit visits, RCU can assist by conducting a pre-audit and reviewing and updating the Office Procedures Manual to ensure that they meet or exceeds the current version requirements.
Learning & Development
Since November 2016, all law firms have been required to adopt a new regime for continuing competence. Previously, Solicitors were required to follow the CPD regime to count and record CPD hours. The SRA are no longer accrediting courses for CPD and instead firms are required to reflect on the quality of their practice; and identify any learning and development needs. Firms are then required to address those needs to ensure the knowledge and skills of Solicitors or lawyers practising within the firm are up to date and they are competent to practice. As part of the Practising Certificate renewal process, all Solicitors are required to make an annual declaration to the SRA confirming they are competent to practice.
Remote Court Users can support firms by providing in-house training to all staff to meet any learning and development needs. RCU are pleased to be able to offer the following courses:
- Anti Money Laundering Training
- Client Care and Complaints Handling
- GDPR
- The role of the COLP and COFA
- SRA Outlook and Risk Management Training
- SRA Standards and Regulations
- SRA Accounts Rule 2019
We can also devise bespoke training courses to address any learning and development needs identified following a file review and compliance audit.
File Reviews & Audits
File reviews and compliance audits provide law firms with a mechanism for ensuring the firm is compliant with its regulatory obligations, as well as identifying learning and development needs. Those firms that are Lexcel or CQS accredited, it is a key requirement of the accreditation to conduct regular file reviews. In addition, Money Laundering Regulations 2017 require firms to establish an independent audit function to review and make recommendations about the firm’s policies, controls and procedures, and its compliance with them.
Remote Court Users stands ready to assist firms by implementing a system for file reviews and conduct onsite independent file review and compliance audits. This would help a firm consider whether internal controls and processes designed to ensure compliance with the SRA Code of Conduct, Anti Money Laundering requirements, the quality standards of Lexcel or CQS are being followed; and to identify any shortfalls. Following the review, firms will be provided with a detailed audit report setting out any compliance issues and trends identified, together with any recommendations to be implemented.
Our File Review and Compliance Audit is tailored to suit a firm’s individual requirements and can be conducted on a monthly, quarterly, or annual basis.
Policies & Procedures
Rule 8 of The SRA Authorisation Rules 2011 requires those firms’ seeking authorisation or already authorised to have suitable arrangements in place to ensure that everyone within the firm complies with the SRA’s regulatory arrangements. Thus, emphasising the responsibility of firms to ensure that they have adequate systems and controls in place to meet this requirement. A comprehensive Office Procedures Manual is the key step towards demonstrating that suitable arrangements and a Compliance Plan is in place.
Remote Court Users can provide firms with a comprehensive Office Procedures Manual tailored to the size and nature of their firm. The Office Procedures Manual complies with the requirements of the current version of Lexcel. In the event a firm wishes to apply for Lexcel, CQS or SQM in the future they can be confident that they are already meeting the required standard.
We can also assist firms who already have an Office Procedures Manual but require a new or revised policy and procedure. This would consider new regulatory changes or changes within the firm.
Our comprehensive Office Procedures Manual includes the following policies and procedures which are also available as individual policies (Prices available on request):
- Anti Bribery policy
- Anti Money Laundering Policy and Procedure
- Business Continuity Plan
- Business Review and Strategic Plan
- Client Care Policy
- Client Satisfaction Procedure
- Complaints Handling Policy
- Corporate Social Responsibility Policy
- Email Policy
- Equality and Diversity Policy
- File Management Policy
- File Review Procedure
- Financial Management Policy and Procedure
- Flexible Working Policy
- Health and Safety Policy
- Information Management and Security Policy
- Internet Access Policy
- Learning and Development Policy
- Outsourcing Policy
- Performance Management Policy
- Property and Mortgage Fraud Policy
- Recruitment Selection and Progression Procedure
- Reporting and Monitoring Policy
- Risk Management and Supervision Policy
- Signposting and Referral Policy and Procedure
- Social Media Policy
- Undertakings Policy and Procedure
- Website Management Policy
- Whistleblowing Policy
This is by no means an exhaustive list but if a specific policy is required which is not listed above, RCU will gladly accommodate the firm and provide a bespoke service.
New Firm Authorisation
RCU has a 100% success rate assisting Solicitors, Barristers, Licensed Conveyancers, and other Non-Lawyer Investors in making applications to the SRA or the Council of Licenced Conveyancers (CLC), for authorisation to practice either as a new Sole Practitioner firm, Recognised Body or as an Alternative Business Structure (ABS).
Remote Court Users can assist by:
- Providing advice on the type of business structure.
- Preparing a Business Plan.
- Preparing a 12-month financial forecast.
- Providing guidance in preparing proposals and obtain quotes for Professional Indemnity Insurance.
- Providing guidance on the application process and completing the relevant SRA forms.
- Preparing the necessary policies and procedures to support the application.
- Directly liaising with the SRA to obtain authorisation to practice as a law firm authorised and regulated by the SRA.
SRA Investigations
The SRA Code of Conduct requires firms to deal with the SRA in an open, timely and co-operative manner.
RCU can advise firms that are subject to an investigation and liaise with the SRA on the firm’s behalf.
Additionally, where firms are subject to an SRA audit, we can ensure that the firm’s processes and procedures are compliant with the SRA Code of Conduct in advance of any audit.
FCA Authorisation
Becoming an FCA authorised firm – RCU is your partner throughout the process and beyond.
All firms operating or offering services in the UK financial sector – lenders, brokers, financial advisors as well as many others – are required to be authorised by the Financial Conduct Authority. The process can be complex and take between 6-12 months in many cases.
RCU can provide the support you need in gaining FCA authorisation. Our experts have managed successful FCA applications for firms in a range of financial services sectors and keep abreast of changes to the regulations as well as statements from the FCA on what they are looking for.
If you need authorisation by the FCA, we can help. We focus on:
- Whether you require authorisation to undertake the activities you plan to undertake.
- If you do, then which permissions will be required.
- You will need to prepare a business plan which focuses on your regulatory business, how you will meet any regulatory needs and how your business will be structured to meet those needs.
It is important that the plans you submit to the FCA include all the costs of staff, systems, processes, and premises which will be required to meet your business needs and the regulatory obligations you take on as part of your authorisation for given permissions. It is worth noting that the grant of authorisation for a given permission makes no distinction between small and large firms (although the fees each pay are tiered). Thus, if you are authorised to carry out business with a given permission you can do so as a firm with 3 employees or 3,000. The FCA will, therefore, be keen to ensure you can maintain the appropriate standards as you grow.
With our help you will maximise your prospects of achieving the authorisation you need for the activities you are undertaking and minimise the risk of forfeiting your application fee (as the fees are non-refundable, regardless of the decision reached by the FCA).
We frequently assist clients to:
- Produce a regulatory business plan which addresses the areas which will be of particular concern to the FCA.
- Produce supporting documentation such as policies, procedures, and processes to emphasise the company’s preparedness for the journey upon which it is embarking.
- Guidance in recruiting suitably qualified professionals to perform the necessary compliance functions going forward.
- Build a financial model that evidences the business has considered all necessary elements and costed these carefully.
- Guiding you through the process of applying for authorisation through the FCA’s online portal (Connect), which is also where you will have to pay your application fee.
- Ensuring your brochures, websites and other materials do not conflict with your permissions or any representations you have made to the FCA.
- Providing guidance in preparing proposals and obtain quotes for Professional Indemnity Insurance.
Nor do we abandon you after you have received your authorisation. We are there to help you as you navigate the regulatory environment and implement your plans in a compliant and customer centric manner.