Pre-Outcomes Focused Regulation

Confidentiality and disclosure

Confidentiality and disclosure are dealt with in rule 4 of the Solicitors Code of Conduct 2007 (as amended) and the provisions there replace, although largely replicate, those that were previously to be found in Practice Rule 16E.

Practice Standards Unit Visits

A typical PSU visit will last two days and it will look at a firm?s compliance with the Solicitors’ Code of Conduct, the Solicitors’ Accounts Rules, the Financial Services Rules, money laundering regulations and other regulations and laws to which practices are subject, including, for example, discrimination legislation.

Conflict of Interests

The main provisions relating to conflict of interests are to be fund in rule 3 of the Solicitors Code of Conduct 2007 (as amended) and deal principally with the duty not to act and exceptions to the duty not to act.

Solicitors Accounts Rules

The Solicitors Accounts Rules contain the main provisions which regulate the manner in which a solicitor may hold client money and deal with the financial aspects of his or her practice.

Investigations

The main regulatory function of the SRA is that of drafting, promoting, monitoring, and enforcing the various regulations which affect solicitors. This inevitably involves monitoring solicitors and their firms for compliance with the various rules, investigating firms where concerns exist or complaints have been made and, where appropriate, taking disciplinary proceedings against the firms in question.