Archives: Professional

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LeO – postal address change

February 2024 | Professional

A seemingly small change, but one for which firms may get a rap on the knuckles if it goes unnoticed. LeO has replaced its current address. From 22 January 2024 all written correspondence should be sent to: Legal Ombudsman, PO Box 6167, Slough SL1 0EH A redirection for all mail being sent to the Legal …

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PEP – regulation changes

February 2024 | Professional

The SRA has reminded practitioners that an amendment to the money laundering regulations making changes to the treatment of politically exposed persons (PEPs) has come into force. As of 10 January 2024, the status of UK politically exposed persons (PEPs) is different to overseas PEPs. The amendment means that domestic PEPs must still be subject …

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Cy-près – charitable trust

February 2024 | Professional

The CA has heard a case involving the application of the charitable doctrine of cy-près. This applies to lifetime gifts and those made by will and allows the wishes of the donor who gifts to charity to be carried out, even if the original purpose of the gift has failed. The new charitable purpose should …

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Unenforceable CFA – consequences for firm

December 2023/January 2024 | Professional

The CA has heard a case involving a law firm and a CFA. Practitioners should read the entire judgment, but the facts and outcome were admirably summarised by Lord Justice Stuart-Smith thus: ‘1. The appellants are a firm of solicitors. The respondents engaged them to provide legal advice in relation to an investment treaty arbitration …

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SRA – fines firm over £100k

December 2023/January 2024 | Professional

A recent SRA decision has made headlines in the legal press. Practitioners can read the entire decision, but there is much disquiet about the fact that the firm was ordered to pay a financial penalty of £101,357 regarding AML failings; many felt that this was disproportionate given that: The firm self-reported, assisted the SRA throughout …

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