Law Society has serious concerns about proposed rise to the Compensation Fund levy
In response to the Solicitors Regulation Authority’s (SRA) consultation on the proposed rise to the Compensation Fund levy, the Law Society of England and Wales has expressed serious concerns about the impact this could have on the sector, especially small firms and sole practitioners. The proposed individual contribution to the Fund will rise from £30 […]
“Unregulated” moniker unhelpful for consumers
The debate around the terminology used to describe unregulated will writers has been reignited by an article published on Today’s Wills and Probate in which a solicitor suggests consumers who have their will written by an unregulated will providers are “depriving themselves of quality legal advice.” The comments were made in an article on Today’s […]
Money Laundering Regulations should not place disproportionate obligations on the legal profession
The Law Society have said that HM Treasury should ensure that changes to the Money Laundering Regulations (MLRs) should not place disproportionate and unnecessary obligations on the legal profession. In response to a consultation on the effectiveness of the MLRs, the Law Society’s key concerns are: Any reforms to the MLRs should not place disproportionate […]
IHT receipts surge 16.6% to £1.4bn in April-May 2024
HM Revenue and Customs revealed that inheritance tax receipts (IHT) for April 2024 to May 2024 are £1.4 billion, which is £0.2 billion higher than the same period last year. That is an annual increase of 16.6%. Laura Hayward, Tax Partner at professional services and wealth management firm Evelyn Partners, said that IHT seem to […]
Employment Judge Iman shares how she plans to celebrate Eid-al–Adha
An Employment Judge has spoken about how she will celebrate Eid-al-Adha, and her full interview can be read on HM Courts and Tribunals where she reveals how the depth of tradition has been blended with modern day influences. She is also the Diversity and Inclusion Lead for the London East Employment Tribunal alongside her work […]
Tory party manifesto promises pension protection
As the Conservative Party manifesto was unveiled today with flourish at the Silverstone race track, promises to tax cuts and pay workers fairly were among some of the promises made by the Prime Minister. This included cutting tax for pensioners. The promise of tax cuts for those on a pension comes after a poll revealed […]
Probate applications reveal further improvements, data reveals
The waiting time for probate applications has yet again significantly decreased in the number of weeks from submission to grant issue for all probate applications – decreasing from 11.3 to 1o.2 weeks, according to HM Courts & Tribunals Service (HMCTS). Last month marked the shortest waiting time since March of last year, which stood at […]
Green Party advocates aligning capital gains tax with Income tax bands
The Green party have said that a reform of capital gains tax would bring it in line with income tax bands in their manifesto launch. For higher earners, capital gains tax is currently 28% on gains from residential property or 20% on gains from other assets – while income between £50,271 and £150,000 is taxed […]
Cost of living crisis hits mental health of mortgage holders over 55
A quarter of those with mortgages over the age of 55 say that worries about payments are impacting their mental health. Later life finance firm Key, who deals with wills and LPAs, say their research has found that 11 per cent of those surveyed are considering seeking mental health help after mortgage worries are having […]
Call for pension reform: ‘Scrap all pensions tax relief and NICs rebates, replacing them with saving bonuses’
A pension specialist has urged the next government to scrap ineffective tax relief and NICs rebates on pension contributions, and replace it with savings-based bonuses paid independent of tax-paying status. A paper published, by the Social Market Foundation, addresses all three pillars of State Pension, workplace provision and personal provision, and considers both pre-retirement saving […]
Report shines light on ethnic group attainment gap in legal professional assessments
The University of Exeter has published its report on behalf of the Solicitors Regulation Authority (SRA) into the causes of different levels of attainment for ethnic groups in legal professional assessments. Findings show that there are a myriad of reasons that cause differences in outcomes. Key findings from the report include: Being part of a […]
Axiom Ince report following SSB scandal kicked back due to election
An independent review of the regulatory actions of the Solicitors Regulation Authority(SRA) in the lead up to the collapse of Sheffield law firm SSB has been delayed due to the election. This comes after clients expressed concerns regarding the authority’s initial response to SSB’s ‘negligence’. It has been reported that former SSB Group clients have […]
National Paralegal Awards opens for entries
Now in its sixth year, the National Paralegal Awards, hosted by the Chartered Institute of Legal Executives (CILEX) opens for entries today, celebrating the very best paralegals across the UK and the businesses that support them. The awards are open to both individuals and legal businesses, with 15 categories reflecting the diversity of the paralegal […]
Surge in scams that target the elderly ahead of election
As the general election draws closer, cyber security specialists have issued warnings about a potential surge in scams targeting the British public – especially the elderly. Historically, significant political events have been ‘fertile ground for criminals’, with ‘increased sophistication’ in scamming methods; according to Digital Marketing aficionado Craig Campbell – also known as ‘Craig Campbell […]
IHT receipts 7.2% higher than last year – HMRC
HM Revenue and Customs figures today revealed that Inheritance Tax receipts for April 2024 were £700million, which is £85million or 7.2% higher than the same month last year. Laura Hayward, Tax Partner at professional services and wealth management firm Evelyn Partners, said that the IMF this week suggested that the Chancellor “should raise inheritance tax, […]
Blended family case study explored at The Association of Lifetime Lawyers National Conference in June
The Association of Lifetime Lawyers National Conference 2024 takes place on Thursday 20th June 2024 at The Shaw Theatre, London. Five expert speakers will guide attendees through a colourful case study to explore the issues that arise after health issues, family changes, and death. This year’s speaker line-up includes: Caroline Bielanska, Consultant Solicitor and mediator […]
Equity Release Council launches legal guide and champions lawyers’ safeguarding role with vulnerability insights report
The Equity Release Council has launched a Legal Guide to Equity Release as well as a new report, Vulnerability Vigilance, exploring the most common customer vulnerabilities which legal advisers can encounter. The study took an in-depth look at a sample of more than 300 cases from last year where the customer had been identified as […]
Majority of small-medium firms plan growth and invest in tech – report
LexisNexis Legal & Professional have released a new report – Bellwether 2024: Lessons on law firm growth – which reveals nearly two-thirds of small- and medium-sized firms plan to grow in the next five years, and they’re investing in technology to help them get there. The survey of 265 associates and senior leaders at small- […]
Financial uncertainty fuels 53% surge in retirement plan searches as 39% remain unaware of pension performance
A recent survey has uncovered significant knowledge gaps in retirement planning among the UK’s wealthiest individuals. Despite the high net worth of the respondents, many are surprisingly unaware about their retirement strategies and pension performance. To bridge the gap between high-net-worth individuals and their financial providers, Arbuthnot Latham has explored their current retirement strategies, where […]
LSB bolsters requirements on how lawyers handle consumer complaints
The Legal Services Board (LSB) has issued Requirements, Guidance, and a statement of policy to regulators to improve the way in which first tier complaints are handled. First tier complaints are the initial complaints that consumers make to their legal provider about the service they have received. These measures aim to drive significant improvement in […]
