Carmen Nadolu, Head of Membership at the IoP, has attended the Legal Futures Regulation and Compliance Conference on 6th June 2019 and is delighted to share some of the key updates with our members:
This major conference brought together experts from a range of disciplines – as well as all the leading regulatory bodies – to examine the ever-growing challenges to lawyers, with a particular focus on the independent review of legal services regulation, headed by Prof. Stephen Mayson of UCL; - the new solicitors’ rulebook;- professional indemnity insurance;- wellbeing and fraud and conduct and ethics in the legal profession.
Managing partners, COLPs, COFAs and others with responsibility with compliance, along with specialists in the field, have gathered for the day to share news, updates and best practices. The day offered delegates a clear understanding of the current regulatory landscape, advice on how best to navigate it, and insight into how it may change in the future.
The conference started with an address by Prof. Stephen Mayson, UCL. We currently have 10 approved regulators for legal services, most of which also regulate ABS’s, in many cases regulating the same activities in slightly different ways, which is why the professor is conducting an independent review of the legal services with the support of University College London. An interim report will be published in early September 2019, and the final one will be sent to the MoJ in January 2020. The IoP’s Chief Executive, Mrs Rita Leat, has had discussions and a consultation with Professor Stephen Mayson, who is undertaking the review, to discuss the regulation of Paralegals.
For more information on this, please read https://www.legalfutures.co.uk/latest-news/mayson-spells-out-hard-choices-in-reforming-legal-regulation.
The event continued with a Regulators’ Roundtable session, during which senior figures from the four main legal regulators, along with the oversight regulator, the LSB, debated the key issues facing them and the legal profession today, from independent regulation and practising fees, to equality, diversity and training.
After the refreshments break, the speakers of the Standards and Regulations session discussed the key changes and what they mean in practice for practitioners with regards to what we would need to know about the new SRA handbook set to go live later this year. The new SRA handbook has reviewed principles, two new codes of conduct, one for individuals and a separate one for firms, authorisation rules and other rules, simplified accounts rules, new practising flexibility, guidance and toolkits and enforcement in practice.
After lunch, Marc Rowson - Lockton, Crispin Passmore - Crispin Passmore Consulting and Robert Crossingham - Partner, Weightmans have discussed the main issues practitioners need to address when they renew their PII as a result of the hardening conditions and increased premiums, as well as proposals to reform the PII regime.
During the Wellbeing and regulation session, the panel discussed what could and should law firms be doing to ensure they have the policies and procedures in place to ensure that neither they, nor their staff get into trouble as a result of wellbeing issues such as stress, depression and bullying.
The last session, Conduct and ethics in the legal profession, stressed the troubles non-disclosure agreements and harassment have caused lawyers in recent months and how you can instil an ethical culture within your practice.
The IoP is well placed to protect its members future as it is a Recognised Body of the Professional Paralegal Register which is well known to Professor Stephen Mason and all regulators alike. IoP paralegals our strongly encouraged to embrace regulation via the PPR to safeguard their professional status.
Head of Membership