Reporting to the SRA - A practical guide for COLPs and COFAs in private client and probate practice with Paul Bennett

Reporting to the SRA causes anxiety, stress and fear. If you report issues correctly, it need not be so daunting.

The collapse of Axiom Ince left more than £60 million missing from the client account, and the profession is picking up the bill through higher Compensation Fund contributions. Repeated large-scale failures have created distrust of the Solicitors Regulation Authority (SRA) by politicians and the Legal Services Board (LSB). An independent review then found that the SRA itself had failed to act on the reports it received. The regulator is under pressure and will expect more of you, not less. In this practical session, you will gain knowledge that aids you in discharging this key obligation.

For private client and probate firms, the reporting triggers are particularly sensitive around assets and money. Residual estate balances sitting on the client account. Vulnerable and elderly clients. Questions of capacity and undue influence. The solicitor who is both executor and beneficiary. The source of funds behind an estate in an AML context.

What you will take away

• A clear understanding of the reporting framework, and of what “serious” and “prompt” really mean in practice.
• When, why and how to report.
• The confidence to make the judgement call, and to manage both the over-reporting and the under-reporting risk.
• The current position on enforcement and fines, including the SRA’s new powers in relation to economic crime
•  Practical drafting: how to write a report the SRA will take seriously, and how to record a sound decision not to report.

Who should attend

COLPs, COFAs, partners, deputies, practice managers and senior fee earners in private client, probate, wills, trusts and estate administration practices.