What to do this month—May 2014
What to do this month—May 2014

The following Practice Compliance practice note provides comprehensive and up to date legal information covering:

  • What to do this month—May 2014
  • What's new and what's changed
  • Routine monitoring and annual review
  • What to read
  • SRA finally issues guidance on consumer credit
  • Solicitors' firm equally liable with surveyor for negligent mortgage valuation
  • Merging chambers—challenges and opportunities
  • Are MDPs a viable structure in the legal market?
  • Retainers—under promise, over deliver
  • Benchmarking for financial success
  • More...

This Practice Note takes the pain out of staying up-to-date, with practical suggestions on what to do in May 2014, why and how. You’ll also find a round-up of our best news reports and this month’s Lunch & Learn programme.

What's new and what's changed

New or updated contentReasonAre there any deadlines?
Updated Practice Notes:
—Law firms and consumer credit licensing
—Consumer credit and client fee arrangements
—Law firms and ancillary consumer credit business
—Do I need a consumer credit licence?
and Q&A: Do I need a consumer credit licence?
To reflect new guidance issued by the SRA, on 10 April 2014, on the extent to which the Exempt Professional Firms regime covers fee arrangements and ancillary consumer credit activitiesYes. The new consumer credit regime came into force on 1 April 2014
New Practice Note: Protecting your practice—an introduction to law firm risk managementEnhancing risk management contentNo
New template: Avoiding negligence in wills and probate—checklistEnhancing risk management contentNo
New Q&A: What are the key considerations when setting up online debit or credit card payment facilities?In response to subscriber enquiryNo
New Practice Notes:
—Different types of cancellation rights
—Off-premises contracts after 13 June 2014
—Distance contracts after 13 June 2014
To help you prepare in advance for the implementation of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 which come into force on 13 June 2014Yes, the new Regulations come
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