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Prediction: Legal Professionals: Compliant onboarding will be a focus for lawyers and the SRA

Regulation
Professional Liability
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Prediction

The Solicitors Regulation Authority (SRA) will continue to focus on anti-money laundering breaches by law firms in the year ahead, but there will also be some new areas of interest. In particular, the SRA has reminded lawyers of their obligation when acting for claimants in group litigation to ensure that they have obtained each individual client's authority to litigate. In response to concerns that lawyers have failed to do so in certain recent high profile litigation, the SRA has issued guidance in this area. While the guidance is aimed at claims relating to financial services products, we predict that it will be applied in any case involving multiple claimants. Given the SRA's proposals to increase its fining powers, lawyers practising in this area will be well advised to heed the guidance and ensure that all clients are onboarded properly and systems are in place to ensure that they receive the same high standard of advice as any other client.

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