The Solicitors Regulation Authority have stepped up their enforcement action with fines of £170,000 in the first quarter of 2024.
After 4th March 2024, fines now account for 5-10% of a firm’s turnover.
Firms are neglecting to conduct and document due diligence on funds before accepting funds and many are failing to employ Client and Matter Risk Assessments (CMRAs) correctly.
Please get in touch if you are unsure about the quality of your CMRA or compliance with the regulations.