Continuing competence—what in-house banking and finance lawyers need to know
Continuing competence—what in-house banking and finance lawyers need to know

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Continuing competence—what in-house banking and finance lawyers need to know
  • What is continuing competence?
  • How to comply with required continuing competence?
  • What is the Competence Statement?
  • Recording the activity that has been undertaken
  • Annual declaration

What is continuing competence?

All solicitors and registered European and registered foreign lawyers (RELs and RFLs) in legal practice or employment in England and Wales must comply with the Solicitors Regulation Authority's (SRA) continuing competence requirements.

Continuing competence is the system which replaced the old continuing professional development requirements. Demonstrating that you fulfil the competencies set out in the SRA Statement of Solicitor Competence (Competence Statement) is a means of showing that the requirements under paragraph 3 of the SRA Code of Conduct for Solicitors, RELs and RFLs regarding service and competence have been met. For more information on the Competence Statement, see What is the competence statement? below.

How to comply with required continuing competence?

Solicitors have a regulatory requirement to provide a proper standard of service. To do this, solicitors will need to reflect on their practice and undertake regular learning and development so that their skills and knowledge remain up-to-date. Any approach to learning and development is valid, as long as it can be demonstrated that it contributes to remaining competent to deliver a proper standard of service.

Examples of options that may be taken include:

  1. participation in training courses (such as courses laid on by industry bo

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