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The following is a report that analyses the causes behind significant number of client complaints received as a result of delays in the due diligence process. The research was conducted during May and June 2017 and includes statistical data gathered from a variety of sources. The research was conducted by a cross party team of lawyers and support staff headed up by Fred Smith.
The aim was to identify what the current bottlenecks in the process were, what was causing them and how they could be fixed.
The main recommendations of the report are:
Improving due diligence training for all lawyers and junior lawyers
a review of all standard due diligence letters currently sent to clients in order to better explain the process and manage their expectations
development a simple ‘how to guide’ for each stage in the process
ensure that all people involved in the process recognise the potential risk to the organisation of any weaknesses in the due diligence process
The full details of these recommendations can be found later in the body of this report. Should the recommendations be accepted then initial roll out can begin within the next two weeks.
delays in the due
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