Outcomes-focused Regulation
Compliance in Practice
Published on 20. August 2011
Book
Paperback/Softback
133 pages
978-1-907787-87-4 (ISBN)
Description
October 6th 2011 marks the introduction of the new SRA Handbook which will trigger the biggest change to law firm regulation in decades. Outcomes- Focused Regulation: Compliance in Practice breaks down the key regulatory changes into bite-sized easy-to-understand portions and provides practical guidance to aid compliance. This must-have guide draws together all the requirements for systems and procedures from the different sources within the Handbook to help you understand your obligations and formulate an effective compliance plan for your firm. What makes this report unique?
Never-before seen real-life case studies and perspectives from leading practitioners including Stuart Bushell, Duncan Finlyson, Peter Scott, Vanessa Shenton and John H Verry are included to assist you with: * COLPs - who to appoint and how to integrate their roles; * Treating Clients Fairly - how this works in FSA regulated firms; * Good governance and how a whistleblowing policy will work; * Governance and Risk management - why this is elevated to Principle status; * The controls which the SRA might use in relation to non-compliant firms; * What the client care outcomes mean in practice; and * Compliance planning - including invaluable training and procedure options. Whats more, this critical guide has been written by Bronwen Still and Tracey Calvert who were both instrumental in the drafting of the SRA Handbook and have first hand experience in inspecting and advising firms on ethics and compliance.
Key topics covered include: * The SRA Principles; * The SRA approach to authorisation; * The SRA Code of Conduct and an explanation of compliance requirements and risk management strategies in key areas such as client care, conflicts of interests and confidentiality, referrals, outsourcing, separate business and overseas practice; * Discussion of other compliance requirements in the SRA Handbook; * The SRA approach to supervision; and * Compliance planning. Outcomes- Focused Regulation: Compliance in Practice is an essential reference guide that should be on the desks of everyone in your firm with compliance responsibilities including COLPs, COFAs, partners, directors, department heads, practice managers and finance directors.
October 6th 2011 marks the introduction of the new SRA Handbook which will trigger the biggest change to law firm regulation in decades. Outcomes- Focused Regulation: Compliance in Practice breaks down the key regulatory changes into bite-sized easy-to-understand portions and provides practical guidance to aid compliance. This must-have guide draws together all the requirements for systems and procedures from the different sources within the Handbook to help you understand your obligations and formulate an effective compliance plan for your firm. What makes this report unique?
Never-before seen real-life case studies and perspectives from leading practitioners including Stuart Bushell, Duncan Finlyson, Peter Scott, Vanessa Shenton and John H Verry are included to assist you with: * COLPs - who to appoint and how to integrate their roles; * Treating Clients Fairly - how this works in FSA regulated firms; * Good governance and how a whistleblowing policy will work; * Governance and Risk management - why this is elevated to Principle status; * The controls which the SRA might use in relation to non-compliant firms; * What the client care outcomes mean in practice; and * Compliance planning - including invaluable training and procedure options. Whats more, this critical guide has been written by Bronwen Still and Tracey Calvert who were both instrumental in the drafting of the SRA Handbook and have first hand experience in inspecting and advising firms on ethics and compliance.
Key topics covered include: * The SRA Principles; * The SRA approach to authorisation; * The SRA Code of Conduct and an explanation of compliance requirements and risk management strategies in key areas such as client care, conflicts of interests and confidentiality, referrals, outsourcing, separate business and overseas practice; * Discussion of other compliance requirements in the SRA Handbook; * The SRA approach to supervision; and * Compliance planning. Outcomes- Focused Regulation: Compliance in Practice is an essential reference guide that should be on the desks of everyone in your firm with compliance responsibilities including COLPs, COFAs, partners, directors, department heads, practice managers and finance directors.
Never-before seen real-life case studies and perspectives from leading practitioners including Stuart Bushell, Duncan Finlyson, Peter Scott, Vanessa Shenton and John H Verry are included to assist you with: * COLPs - who to appoint and how to integrate their roles; * Treating Clients Fairly - how this works in FSA regulated firms; * Good governance and how a whistleblowing policy will work; * Governance and Risk management - why this is elevated to Principle status; * The controls which the SRA might use in relation to non-compliant firms; * What the client care outcomes mean in practice; and * Compliance planning - including invaluable training and procedure options. Whats more, this critical guide has been written by Bronwen Still and Tracey Calvert who were both instrumental in the drafting of the SRA Handbook and have first hand experience in inspecting and advising firms on ethics and compliance.
Key topics covered include: * The SRA Principles; * The SRA approach to authorisation; * The SRA Code of Conduct and an explanation of compliance requirements and risk management strategies in key areas such as client care, conflicts of interests and confidentiality, referrals, outsourcing, separate business and overseas practice; * Discussion of other compliance requirements in the SRA Handbook; * The SRA approach to supervision; and * Compliance planning. Outcomes- Focused Regulation: Compliance in Practice is an essential reference guide that should be on the desks of everyone in your firm with compliance responsibilities including COLPs, COFAs, partners, directors, department heads, practice managers and finance directors.
October 6th 2011 marks the introduction of the new SRA Handbook which will trigger the biggest change to law firm regulation in decades. Outcomes- Focused Regulation: Compliance in Practice breaks down the key regulatory changes into bite-sized easy-to-understand portions and provides practical guidance to aid compliance. This must-have guide draws together all the requirements for systems and procedures from the different sources within the Handbook to help you understand your obligations and formulate an effective compliance plan for your firm. What makes this report unique?
Never-before seen real-life case studies and perspectives from leading practitioners including Stuart Bushell, Duncan Finlyson, Peter Scott, Vanessa Shenton and John H Verry are included to assist you with: * COLPs - who to appoint and how to integrate their roles; * Treating Clients Fairly - how this works in FSA regulated firms; * Good governance and how a whistleblowing policy will work; * Governance and Risk management - why this is elevated to Principle status; * The controls which the SRA might use in relation to non-compliant firms; * What the client care outcomes mean in practice; and * Compliance planning - including invaluable training and procedure options. Whats more, this critical guide has been written by Bronwen Still and Tracey Calvert who were both instrumental in the drafting of the SRA Handbook and have first hand experience in inspecting and advising firms on ethics and compliance.
Key topics covered include: * The SRA Principles; * The SRA approach to authorisation; * The SRA Code of Conduct and an explanation of compliance requirements and risk management strategies in key areas such as client care, conflicts of interests and confidentiality, referrals, outsourcing, separate business and overseas practice; * Discussion of other compliance requirements in the SRA Handbook; * The SRA approach to supervision; and * Compliance planning. Outcomes- Focused Regulation: Compliance in Practice is an essential reference guide that should be on the desks of everyone in your firm with compliance responsibilities including COLPs, COFAs, partners, directors, department heads, practice managers and finance directors.
Reviews / Votes
Outcomes-Focused regulation: Compliance in Practice - Review There is plenty of guidance about (some of it helpful) about what OFR is. However risk managers are practical types and want some guidance about what they should actually be doing, particularly in the absence of guidance in the new Code. Bronwen Still and Tracey Calvert are to be congratulated on their detailed look at the new Handbook, picking out areas that will be of most concern and using realistic worked examples. The compliance suggestions scattered through the book are very thought provoking and will greatly assist both compliance preparation and a more formal compliance plan. Although the chapter on compliance planning is short, I found it to be of particular benefit to check that I hadn't missed something in my own plans. Let us hope that Ark price this book competitively so that it is widely read and helps the profession with benchmarking. Sarah Mumford | Partner for Bevan Brittan LLPOutcomes-Focused regulation: Compliance in Practice - Review There is plenty of guidance about (some of it helpful) about what OFR is. However risk managers are practical types and want some guidance about what they should actually be doing, particularly in the absence of guidance in the new Code. Bronwen Still and Tracey Calvert are to be congratulated on their detailed look at the new Handbook, picking out areas that will be of most concern and using realistic worked examples. The compliance suggestions scattered through the book are very thought provoking and will greatly assist both compliance preparation and a more formal compliance plan. Although the chapter on compliance planning is short, I found it to be of particular benefit to check that I hadn't missed something in my own plans. Let us hope that Ark price this book competitively so that it is widely read and helps the profession with benchmarking. Sarah Mumford | Partner for Bevan Brittan LLP
More details
Language
English
Place of publication
United Kingdom
Publishing group
Globe Law and Business Ltd
Target group
Professional and scholarly
ISBN-13
978-1-907787-87-4 (9781907787874)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
New editions
Bronwen Still | Tracey Calvert
Outcomes-Focused Regulation: Compliance in Practice
Book
02/2013
2nd Edition
Ark Group
€438.24
Article not available
Content
Executive summary...VII About the authors...IX Acknowledgements...XI Part One: The Changes in Legal Services Regulation Chapter 1: 'All change in the legal services market'...3 The LSA - The essentials...3 The approved regulators...4 "Regulatory objectives" and "professional principles" - How regulators must exercise their powers...4 Chapter 2: The opening up of the legal services market...7 LDPs, ABSs and MDPs...7 An extension of the SRA's powers to regulate new entities...8 Chapter 3: The SRA's response to the LSA...9 The SRA's new approach...9 Outcomes-focused regulation - What is it and what benefits does it bring?...9 Risk-based regulation...10 Entities-based regulation...10 Chapter 4: Cutting the SRA Handbook down to size...13 An overview of the Handbook's contents...13 The use of different regulatory provisions...13 Areas of essential reading of the Handbook...13 The Principles and their significance...14 Principle 8 - Its application and difficulties...16 Chapter 5: How the SRA evaluates law firm risk...19 Setting the standards...19 The SRA's approach to risk - Averting the train crash...19 The SRA's structure for firms' risk evaluation...21 Entities-based regulation - The whole firm compliance...22 Chapter 6: Authorisation Rules - The gateway to authorisation...23 Outcomes...23 How will existing firms become subject to Authorisation Rules?...23 What the Authorisation Rules will require - At a glance...24 The importance of the conditions...24 Chapter 7: An analysis of the COLP and COFA roles...27 The need for compliance officers - Rule 8.5...27 How do you choose who should be a COLP or COFA in the firm?...27 Who is the COLP?...28 The COLPs' and COFAs' reporting roles...30 Worked example 1: The role of the COLP - A tricky position...31 Worked example 2: The COLP - Exercising judgment...33 Chapter 8: Other requirements for authorised firms...35 Having suitable owners and managers - Rule 8.6...35 Payment of periodical fees - Rule 8.3...35 Authorised activities - Rule 8.4...36 Information requirements - Rule 8.7...36 Additional conditions for recognised bodies and licensed bodies - Rules 8.8-8.10...36 Chapter 9: The SRA's powers over firms...37 Further imposition of conditions - Rule 9...37 Revocation and suspension of authorisation - Rule 22...37 Notifying third parties of SRA decisions - Rule 20...37 Reconsideration and appeals - Rules 29-32...38 Chapter 10: How new firms become authorised...39 The application process...39 The decision-making process...39 Part Two: The New Regulatory Regime in Practice Introduction to Part Two...45 Chapter 11: The SRA Code of Conduct 2011 and the practical application of OFR...47 Introduction to the 2011 Code of Conduct...47 The 2011 Code of Conduct made easier...48 Where have all the rules gone? Outcomes and Indicative Behaviours...48 Chapter 12: Client care...51 Introduction...51 What does it mean to treat clients fairly?...55 Creating a compliant environment - The financial services sector...55 Flexibility - The client care letter ...60 How can client care compliance be demonstrated?...61 Client care planning suggestions...62 Ongoing monitoring...63 How is success measured?...63 Worked example 3...64 Worked example 4...65 Worked example 5...66 Chapter 13: Conflicts of interests...67 Introduction...67 Conveyancing - Where have all the rules gone?...70 Other high-risk areas of conflict...72 Who can use the exceptions?...73 Compliance planning suggestions...75 Ongoing monitoring...75 Worked example 6...76 Worked example 7...76 Chapter 14: The duty of confidentiality and disclosure...79 Introduction...79 Defined terms...81 The application of information barriers in practice...82 Compliance planning suggestions...84 Ongoing monitoring...85 Worked example 8...85 Worked example 9...86 Chapter 15: Fee sharing and referrals...87 Introduction...87 How can compliance be demonstrated?...87 Compliance planning suggestions...87 Ongoing monitoring...91 How is success measured?...92 Worked example 10...92 Chapter 16: Separate businesses...95 Compliance planning suggestions...97 Chapter 17: Outsourcing...99 Introduction...99 The Outcomes which must be achieved...99 Beware of the risk of outsourcing becoming a separate business...101 Interaction with other Outcomes in the Code, authorisation conditions and other Handbook compliance requirements ...101 The reputation of the third party...102 Jurisdictional issues...102 Worked example 11...103 Chapter 18: Overseas offices...105 On the horizon...105 Chapter 19: Compliance with the rest of the new Code...107 Introduction...107 Whistle-blowing...110 Chapter 20: SRA Accounts Rules 2011 - The new compliance requirements and the role of the COFA...113 Introduction...113 Operational flexibility - The changes...114 Accommodating the regulation of ABSs - The changes...115 Other updates...116 Application to overseas practice...116 Chapter 21: Other significant changes in the SRA handbook...117 Chapter 22: Compliance planning...121 Key notification, reporting and information requirements in other parts of the Handbook...125 Money Laundering Regulations 2007...126 Glossary of acronyms...127 Index...129