Price Transparency: an opportunity not to be missed!

As part of the recently launched Teal Compliance Officer Training Programme, I ran a webinar session running through all the requirements in relation to Price Transparency and the impact it is having on firms. The first thing I would say is that the new rules create a market of opportunity on which you can take stock and look at your pricing structure, how you price and the services you offer to your clients. The stated aim of the new rules is to provide good quality information to potential and existing consumers to enable them to make the best decision for the type of service they require and within their budgets. A lot of firms are focusing on the perceived negative impact, e.g. that it

The Potential Pitfalls of SARs: a cautionary tale, and 10 ways to avoid them

Filing Suspicious Activity Reports (SARs) should be a priority for all law firms when presented with circumstances that alert them to the potential for money laundering. But the very word "suspicious" is - in itself - problematic: lacking clear definition. Money laundering is showing absolutely no signs of diminishing, but in 2017, there was a drop of nearly 12% in the volume of SARs submitted to the NCA. Why is this? One theory is that the lack of clarity in what constitutes suspicion is encouraging over-caution, especially in the light of cases such as Lonsdale v National Westminster Bank plc [2018] EWHC 1843 (QB). So, read on for ten safeguards that could help protect you and your busines

Time to audit data compliance?

We're nearly a year since the frantic preparations for GDPR. How is it all going? Should we be checking? Should we audit? Why do I need to complete an audit? An audit allows an Organisation to understand whether it is complying with the requirements of the Data Protection Act 2018, GDPR and PECR. Art 5(2) of GDPR states that “The Controller shall be responsible for, and be able to demonstrate compliance with, paragraph 1 [the principles]”. This is often referred to as the ‘accountability’ principle - completing and audit will allow an organisation to demonstrate accountability with the principles.

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