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Latest Insights
Money Mules: The FCA Says Closing Suspicious Accounts Isn’t Enough
238,000 Suspected Mule Accounts Closed, and It Is Still Not Working In a recent update, the Financial Conduct Authority (FCA) published findings of its latest multi-firm review on money mules. The initial figures seem impressive: regulated firms closed 238,000 suspected mule accounts in 2025, up from 184,935 in 2023 and…
FCA Warning to Senior Managers: Fitness and Propriety Can Follow You Across Sectors
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…
RACO Compliance Roundup: October 2026
Welcome to the Latest Roundup September proved to be one of the busiest months for regulatory news in recent memory. The SRA has paused the COLP and COFA separation, published a formal warning notice on AI misuse, and updated its Sectoral Risk Assessment. The Budget is approaching with two proposals…
SRA Pauses COLP and COFA Separation: What This Means for Firms
SRA Confirms Pause on COLP and COFA Separation Rules On 30 September, the Solicitors Regulation Authority (SRA) confirmed it is pausing implementation of the COLP and COFA separation rules, which were due to take effect from January 2027. The plans were attracting growing criticism for the regulator’s proposal to prevent…
Client Account Interest and the Upcoming Budget: What Firms Should Be Aware Of
Two Proposals Firms Need to Watch On 28 October 2026, Chancellor of the Exchequer John Healey will deliver the Autumn budget, and with that date fast approaching, two proposals affecting law firms’ finances are in circulation, and both could have a material impact on how firms manage their income. The…
ACSP Registration: Why Accountancy Firms Should Register Now, Whatever the Deadline
The Requirement Is Confirmed, the Date Is Not If your firm files information at Companies House on behalf of clients, you will need to be registered as an Authorised Corporate Service Provider (ACSP). However, while that requirement has been confirmed, the exact date it becomes mandatory has not, and Companies…
FCA Non-Financial Misconduct Rules Now in Force
What Regulated Firms Must Have in Place The FCA’s new rules and guidance on non-financial misconduct came into effect on 1 September 2026. If your firm operates under the Senior Managers and Certification Regime, these changes apply to you now. Non-financial misconduct (NFM) covers behaviour that is not of a…
Complaints as a Risk Signal: What Your Complaints Data Tells the SRA, and Your Firm
Gaining Vital Insights from Client Complaints We have previously written about the regulatory focus on complaints handling, first on the Legal Ombudsman’s proposed reforms and then on the SRA’s supplementary consultation on first-tier complaints. Both articles focused on what the rules are changing and the heightened scrutiny on the way.…
The ICO Becomes the Information Commission on 30 September
What Law Firms Need to Know About ICO Governance Changes On 30 September 2026, the Information Commissioner’s Office will formally become the Information Commission. The change is made under the Data (Use and Access) Act 2025 and marks a shift from the current model, in which statutory powers rest…
High Court Rules SRA Cannot Compel Privileged Material: What Firms Need to Know
What Was the Recent Ruling Against the SRA? On 21 September 2026, the High Court handed down judgment in Carter-Ruck Solicitors & another v Solicitors Regulation Authority,. Mr Justice Butcher ruled that the SRA cannot use section 44B of the Solicitors Act 1974 to compel solicitors to produce documents or…