February 2022

When considering Professional Indemnity claims it is often worth looking back at the root of where the issues first arose.

What can become clear is that many claims could have been avoided if the client selection process at the firm was more robust. In an uncertain political and economic landscape it is understandable that solicitors will seek to welcome new clients or generate more inquiries from existing clients in new areas to help ensure positive turnover for the firm.

We have taken a closer look at our SOLO Journal. We are pleased to confirm the paper used in the production of our magazine has always been an FRC certified product and has a high recycled content.

The ink used is vegetable based, and there are no laminates or coatings used during production, so the magazine can be recycled through all local authority schemes.

With regards to the outer packaging, we have been using a biodegradable poly film, whilst it biodegrades naturally it takes a long period of time to do so. Therefore, we have upgraded the outer packaging.

Following extensive consultation with our members, Mr Clive Sutton, Honorary Secretary, has put together a detailed response to the SRA’s proposal to close SIF, approved by the Executive Committee of the Sole Practitioners Group. The response has been submitted to the SRA.

The response and supporting documentation is available to all members of the SPG.

To read the response please click HERE.

It is important is as solicitors, we need to be aware of the potential AML type issues, and ensure we adhere to FCA and other regulations as they evolve.

In 2021 it was estimated that approximately 9.8 million people in the UK owned crypto currency, a substantial increase on the estimated 1.5 million in the UK in 2018. Currently the UK government and legislature does not ban cryptocurrencies, but neither does it license them, although since January 2020 the Financial Conduct Authority (FCA) has been given the powers for money laundering purposes to regulate crypto currencies.