A dramatic rescue.
A Solicitors firm contacted us in distress. They'd been give 1 week's notice of an SRA Inspection. On reviewing the firm for compliance we were pretty certain that without urgent action the Inspection would turn into an Intervention, with all the catastrophic consequences for the firm that that brings.
Within the 1 week time frame, we
- carried out a Compliance Review,
- sorted their Transparency Rules breaches on their website,
- produced for them Breaches Registers & completed them,
- delivered to them a customised, up to date Office Procedures Manual,
- organised AML Training,
- checked their accounts and
- brought Client Account Reconciliations up to date and
- briefed them ahead of the meeting.
The one day inspection turned into 2 days... but we then got the call that they had passed.
More work to be done to bring the firm to where it should be, but at least it's still in existence.
Follow Up work
- train them to use their Case Management System properly, including how it can help them with compliance. This will also mean that they use their investment in this system better and indeed improve their profitability.
- Set a review point to ensure their compliance stays on track.
- with our Office Procedures Manual package they will be getting Quarterly updates to ensure that they are up to date on compliance issues and the OPM remains up to date.
Compliance Support from HCL
If this Case Study has raised any issues of interest, then please feel free to contact us on: 07887 524507 or [email protected]. We also invite you to look at the Compliance Drop down menu at the top of this page for our Compliance Support services.
