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New measures introduced in the #EconomicCrime and #CorporateTransparency Act 2023 and supplementary #regulations give #CompaniesHouse greater powers to tackle breaches of company law.

Companies House implements non-compliance penalties Companies House has implemented new penalties to ensure companies comply with their legal responsibilities. Companies House will support companies with compliance but those that ignore warnings could face financial penalties. The penalties are the latest stage in the implementation of the Economic Crime and Corporate Transparency Act 2023. Read more about the penalties at: https://lnkd.in/ersPZG8V

SRA and Sky High Penalties From the smallest law firm to the Magic Circle elite, these proposals for 'unlimited fines' should be of the utmost concern to all solicitors. Every solicitor should make urgent representations before the deadline of the 20th of September next. Practising law in the UK is becoming potentially unworkable. With no equality of arms, and nobody to protect them, the case for a Solicitors Defence Union grows more powerful by the day. So, we need to hear from the Law Society on controversial proposals that if implemented, would have a profound effect on the balance of power within the regulatory matrix. Like with so much regulation there is NO evidence to justify these massive changes. #regulation

Recommended blog: Companies House implements new powers with new non-compliance penalties Companies House is implementing new penalties to enhance compliance and improve the accuracy of the UK company register. Businesses must stay vigilant with their legal obligations, such as timely filing of confirmation statements, to avoid financial penalties. Serious offences may lead to civil action, director disqualification, or criminal prosecution, with potential criminal records for convicted directors. This initiative aligns with the Economic Crime and Corporate Transparency Act 2023, granting Companies House greater authority to tackle economic crime. Officials emphasize a fair and consistent enforcement approach to strengthen data integrity and combat misuse. Collaboration with the Insolvency Service and other partners will further support these enforcement efforts. https://bit.ly/3YxNyuF Please find an interesting blog above 👆, Recommended by Total Books Accountants, Bookkeepers & Tax advisers. #CompaniesHouse #EconomicCrime #NonCompliancePenalties

Law firm fines should be a minimum of £5k, says SRA. It has also laid out how it intends to apply its new unlimited fining power in cases involving economic crime, which is likely to lead to more fines exceeding 5% of a firm’s turnover but fewer cases going before the Solicitors Disciplinary Tribunal (SDT). The Economic Crime and Corporate Transparency Act 2023 allows the SRA to issue an unlimited fine where a solicitor or their employees at any type of firm failed to comply with requirements that relate to the prevention or detection of economic crime. The consultation said: “The types of misconduct for which we now have unlimited fining powers include criminal offences involving the Money Laundering Regulations, violations of international sanctions, financial dishonesty, theft, and the improper use of client monies where this amounted to a fraud, or where there were inadequate controls in place to prevent or detect offences of this kind.” To engage this power, the offences must have occurred after 4 March 2024. https://lnkd.in/eggGrx_f

Companies House has implemented new penalties to ensure companies comply with their legal responsibilities. Companies House will support companies with compliance but those that ignore warnings could face financial penalties. The penalties are the latest stage in the implementation of the Economic Crime and Corporate Transparency Act 2023.

The Solicitors Regulation Authority (SRA) has revised its fines regime in anticipation of gaining unlimited powers. This means that the SRA will have more flexibility to impose fines on solicitors who breach professional standards. Check out the full article here: https://hubs.la/Q02DSNx-0 What do you think about this change? Do you believe that giving the SRA unlimited powers to fine solicitors will lead to better regulation of the legal profession? Share your thoughts in the comments below! ATLAS by Codex Edge SAVE TIME - CUT COSTS - GET RESULTS Want to know more about us and our product Atlas? Book a meeting with us here: https://hubs.la/Q02DSCNs0 #LegalNews #SRA #FinesRegime #ProfessionalStandards

The vast majority of clients are satisfied with their lawyer and happy for them to hold on to their money, the sector's consumer watchdog reported today. The latest annual Legal Services Consumer Panel tracker survey recorded that satisfaction with the service provided by lawyers has increased this year to 87% - up from 85% last year and from 79% when the survey was first carried out in 2012. Satisfaction with the outcome of the case is at 89% - the joint-highest it has ever been – and has risen in the past 12 years in every area of law. More than 90% of survey respondents reported they were confident that the legal services provider they used would keep their money safe. Lawyers and banks were equally trusted. If you’re a Solicitor stand tall. Despite posts suggesting there’s a problem in general with your ethics, conduct, integrity etc the fact is you’re doing fine. In fact better than fine. You’re smashing it.

Great article in this week’s Legal Futures explaining the importance of compliance and confirming the benefits of our Access Legal Compliance product.

Do you check with legal regulators and professional accounting bodies to make sure there isn't a restriction on the employment of your new hire in your accounts team? Unless it resulted in a criminal prosecution, it is unlikely to show up on any DBS check. Your fraud policy should cover issues like this to make it difficult for fraudsters to get into your business in the first place! The BlueSky team are ready and willing to review your operating policies and procedures that support financial compliance in your firm. Let's close some of these easy loopholes together. 👊 #compliance #financial #reportingaccountant #legalcashier #legalaccounting #cofa #colp #clc #sra #cilex #fraud #internalfraud #consumerprotection https://lnkd.in/eFY7DK_X