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Fines hike for solicitors & law firms

22 February 2023
Issue: 8014 / Categories: Legal News , Profession , Regulatory , Disciplinary&grievance procedures
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Proposals to fine firms up to 5% of their annual turnover for breaches of the professional rule book have been confirmed by the Solicitors Regulation Authority (SRA).

While fixed penalties of £750 or £1,500 will be charged for low-level misconduct, such as failing to publish the required costs or complaints information, fines for both individuals and firms for more serious breaches will be based on percentages of gross income or turnover. These would range from 0.2% to 5%.

The SRA intends to pilot the use of personal impact statements in cases of sexual misconduct, discrimination or harassment. It will also publish information on disciplinary decisions for longer periods, ranging from three years for warnings and fines to permanently for strike-off decisions.

The new regime is due to take effect on 30 May, subject to Legal Services Board approval.

Paul Philip, SRA chief executive, said: 'When we need to step in and take action it is important that we have a transparent and effective disciplinary approach in place.’

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

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The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
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