Compliance forums for COLPs/COFAs: SRA Standards and Regulations

The Solicitors Regulation Authority (SRA) issued new Standards and Regulations on 25 November 2019 which replaced the SRA Handbook and reduced it in length by about two-thirds. It had a new reduced set of principles, two separate Codes of Conduct - an individual solicitor code and a firm code - and simplified Account Rules with changes to the definition of client money and client account, and the introduction of third-party managed accounts. The new rules also pave the way to solicitors working outside SRA-regulated entities and on a freelance basis.