What Regulated Firms Should Take from It The Financial Conduct Authority (FCA) has recently published its good and poor practice guide on AI in financial services. It covers 20 case studies that include a wide range of scenarios, but the supervisor’s core message is straightforward. Existing rules already apply to…
The SRA has published its latest AML thematic review and annual report. The headline is encouraging. The detail is where firms must pay attention. The SRA’s latest AML thematic review and its recent AML Trends and Latest Updates Webinar confirm that compliance levels across the legal profession have strengthened, and…
You may have seen reports in the news over the past couple of days about websites being taken offline because of a serious security issue. The problem relates to something called PHP, which is used to run a large number of websites, including many built on WordPress. On Wednesday, 21…
More Law Firms Are FCA-Regulated Than You Might Think Multi-practice law firms in the UK regulated by the Solicitors Regulation Authority (SRA) understandably focus on meeting those supervisory obligations. However, a growing number carry out work that also falls within the FCA’s regulatory perimeter, whether they realise it or not.…
The Right Advice at the Wrong Moment Can Be Expensive The Law Gazette recently reported that conveyancers are being advised not to rush into purchasing new AML technology products ahead of the FCA taking over AML supervision from the SRA and other professional body supervisors. That advice is worth noting,…
The Statement of Solicitor Competence Is Being Rewritten On 8 October 2026, the Solicitors Regulation Authority (SRA) opened a consultation on proposed changes to the Statement of Solicitor Competence (SoSC) and the Functioning Legal Knowledge (FLK) that underpins the SQE. The consultation will run until 3 December 2026, and the…
Recent regulatory news SRA takes privilege dispute to the Supreme Court The Solicitors Regulation Authority (SRA) is continuing its challenge following the High Court’s decision concerning its powers to require the production of material protected by legal professional privilege. We discussed that original outcome in our article, ‘High Court Rules…
Independence Is Built into the Regulatory Framework The CLC’s regulatory framework assumes that certain compliance functions will be carried out independently of the person responsible for the client work. In a larger practice with several qualified fee earners, a HoLP, a HoFA, and a management structure, that independence occurs naturally.…
Money Mules: The FCA Says Closing Suspicious Accounts Isn’t Enough The Financial Conduct Authority (FCA) has recently published the findings of its latest multi-firm review on money mules, highlighting some initially impressive figures. Regulated firms closed 238,396 suspected mule accounts in 2025, up from 184,935 in 2023 and 233,269 in…
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…