It is good practice to reflect on your skills regularly to ensure you are practising to the standards your clients expect.
Here, we have laid out some key updates and areas of practice which are especially important in 2021.
SRA Accounts Rules Post-Covid
Since the SRA’s introduction of the first major update to the Accounts Rules for over 20 years, along with Resources supplementing them further to ease understanding, we have all been in lockdown. Our initial enthusiasm has had to be reined in and ‘normal’ procedures up-ended as part of our reaction to the pandemic. But, the rules have not gone away and as the Covid pandemonium is appearing to relax slightly, we need to readjust our thinking to the new regime in front of us. The new rules are simpler but equally significant, and anyone in the law firm with responsibility for finance or accounts needs to understand them thoroughly.
The Solicitors Group has recently announced a webinar about this subject, which is now available for pre-order and will be available to watch pre-recorded. Find out more here.
AML/CTF - New Rules and Guidance
Anyone taking on taking on anti-money laundering and/or counter-terrorist financing duties within a firm needs to ensure they are aware of the latest legislation and updates to regulations.
If you are responsible for preventing money laundering, it is essential that you understand:
- The nature of the financial issues we face
- The importance of undertaking thorough CDD – even if it feels un-necessary
- What information do we need on the ultimate beneficial owner?
- Source of WEATLH enquiries, as well as source of funds
- Ongoing Monitoring – the key to success
If this applies to you, take a look at our newly announced webinar here.
Tackling Cybercrime and Fraud
This is essential for anyone who is working in the legal environment and who interacts with the internet – so, all of us, then. In the current febrile climate of Covid lockdown and home-working in particular we all need to have our wits about us in the battle against the scammers and fraudsters. The fact that we may be a little paranoid doesn’t mean they are not out get us. ‘Trust no-one’ is not a great recommendation for client care but ‘taking five’ to ask ourselves ‘could I be being scammed here?’ is always good advice. It is well worth reducing your risk by ensuring you and/or your team are well trained on how to avoid your firm or your clients becoming victims.
One of the options available to brush up on this essential area is our new 1-hour webinar. Take a look at it here.
Rules & Regulations Post-Covid
The SRA's rules introduced in 2019 were subsumed under other considerations around Covid and public health. Normal working procedures were up-ended as we struggled to cope with the new position. But the rules are still there and as lockdown restrictions start to ease we need again to contemplate the renewed environment in which we work.
It is essential to ensure you understand the regulations and look ahead to how you will follow them with the impending return to life without a pandemic. To revise the rules and make sure your firm is compliant going forward, take a look at our webinar here.
One user can access all four of the above webinars for only £120+vat using discount code DL30.
View the full Webinar Learning library here.