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CILEX Moves Forward with SRA Regulation Transition Despite Member Concerns
August 21, 2023

 1. Introduction

The Chartered Institute of Legal Executives (CILEX) has announced its intention to proceed with transferring the regulation of its members to the Solicitors Regulation Authority (SRA), despite a significant number of members expressing their reluctance to make the move.

The decision is based on CILEX’s belief that SRA regulation will offer stable oversight of its lawyers at a cost comparable to or even lower than the current practising certificate fee while enhancing consumer protection, addressing new regulatory demands, and benefiting from the SRA brand’s reputation. Currently, legal executives are regulated by CILEx Regulation, which conducted a consultation among members regarding the shift in regulatory control.

Of the respondents, 68% indicated they did not consider this a priority. Despite member concerns, CILEx emphasises that the decision will be made in the best interest of the public and the profession. The consultation period ends on 5 November, and the SRA will subsequently release its own consultation on accommodating CILEX members. The transfer, if approved, will not occur before April 2024.

Link to the Full Article: CILEX forges ahead with SRA regulation switch

 

2. Understanding SRA Regulatory Obligations

The SRA has yet to confirm what regulatory changes or requirements will be made to accommodate CILEX members. However, for firms, businesses, or practices authorised by CILEx Regulation (Authorised Entities) and CILEx members who are individually regulated by CILEx regulation, including Charted Legal Executives and CILEx Practitioners, who may have concerns or need guidance in adapting to the transition and these potential changes in obligations, The Strategic Partner (TSP) offers comprehensive compliance services and support.

We can offer a turn-key service, bespoke to individual requirements, that includes training, guidance, and ongoing compliance support to ensure a smooth transition to the new regulatory landscape. With a commitment to helping Authorised Entities and CILEx members comprehend and embrace the upcoming changes, TSP is a valuable resource during this transition period.

 

 3. Robust Compliance and Regulation Solutions

Our services are designed to ensure the firms we work with have and retain a compliant structure, enabling the firms, their managers, and owners to focus on running their businesses and servicing their clients. Our packaged risk and compliance solutions provide guidance and support to firms on a range of topics and include: –

  • Our Risk, Regulation and Compliance Service (including AML) provides firms with the necessary Policies, Controls and Procedures (PCPs), training, supervision structure, and annual independent assessment and reporting. This solution ensures that firms and their staff are compliant and remain so. It also clarifies what to do if a mistake and/or a breach occurs.
  • Our extended service, Risk, Compliance, AML Guidance and Register Administration, provides an outsource solution for firms where The Strategic Partner not only manages and maintains the risk registers and provides guidance to all staff (inc. Partners), we also produce monthly risk and compliance reports.

The combination of these two solutions provides a law firm with a robust and cost-effective risk and compliance strategy that ensures staff have access to expert guidance as it is needed.

 

 4. About The Strategic Partner

The Strategic Partner is a law firm knowledge hub. We work with law firms and professional indemnity insurers, advising and guiding on compliance and risk management techniques to assist and reduce instances of claims or regulatory breaches.

We offer a range of services and consultancy tailored to the Legal sector. We have gained a wealth of knowledge and experience in the management of law firms and work with them to achieve profitability, stability, and efficiency. We aim to become a valued and respected partner to our member law firms, consistently providing high-quality services and solutions.

For more information about The Strategic Partner, you can call us on 0203 911 9710, email us info@thestrategicpartner.co.uk or visit our website to make an online enquiry.

 

You can view and download the PDF version of this article here.

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