Understanding Your Obligations – It Is Not Just About Regulatory Breaches Two recent actions by the Financial Conduct Authority (FCA), taken weeks apart, make the same point from very different angles. In the first case, a former law firm owner has been banned from financial services after misappropriating more than…
Complaints Handling for Scottish Law Firms Complaints handling in Scotland works differently from the system in England and Wales, and the difference matters more than most firms treat it as. Where firms regulated by the SRA answer to the Legal Ombudsman, Scottish practice units answer to the Scottish Legal Complaints…
Cyber-attacks against law firms are becoming increasingly prevalent and are no longer a hypothetical risk to be addressed at some point in the future. Firms of all sizes are being targeted, and the consequences run from regulatory scrutiny and reputational damage through to direct financial loss and the inability to…
Mazur Appeal Ruling An update published on 31 March 2026 confirmed that the Court of Appeal has overturned the original Mazur ruling, bringing a welcome sense of clarity to the legal services market. What Does This Mean for Legal Professionals? In essence, the Court of Appeal’s decision removes the more…
Guidance published by the Office of Financial Sanctions Implementation (OFSI) in February 2026 draws lessons from its £160,000 monetary penalty imposed on Bank of Scotland Plc, a subsidiary of Lloyds Banking Group. The penalty was imposed for breaching Russia financial sanctions regime. Although the penalty was directed at a financial…
For many Scottish law firms, anti-money laundering compliance does not always feel like an immediate pressure. Compared to England and Wales, where enforcement activity from the SRA has been more visible, the regulatory environment in Scotland can appear quieter. As a result, AML is often seen as an important obligation…
Robust record management strategies are crucial for law firms, given the sheer volume of sensitive documents they handle, including agreements, instructions, and case notes. Effective and compliant document management also includes prescription periods on how long firms should retain client matter files. Please note that this is a requirement of…
Welcome to the Regulation & Compliance Office’s roundup, where we look at all the latest stories to keep you ahead and informed in the world of law and compliance and your monthly compliance update for Scottish law firmsThe RACO roundup is just another wayinwhich we keep the solicitors and other…
Whilst there is no confirmed date for the Financial Conduct Authority (FCA) to assume its responsibility for anti-money laundering (AML) supervision, as outlined in our previous article, ‘AML Reforms and Scottish Law Firms – What FCA Oversight Means for Your Legal Practice’, it is strongly advised that all Scottish legal…
The UK Government’s recent decision to appoint the Financial Conduct Authority (FCA) as the single professional services supervisor for anti-money laundering (AML) and counter-terrorist financing (CTF) is set to reshape the regulatory landscape for law firms across the UK, including Scotland. AML Supervision Change – The FCA to Replace Law…