Our upcoming CQS webinar will look at key parts of the Core Practice Management Standards (CPMS) that are an integral part of obtaining and maintaining CQS; it will also look at areas of the accreditation that have recently been subject to scrutiny by the Law Society and the changes that will shortly be made to CQS training courses.
CQS Risk Management
Risk management is a key part of CQS and therefore accredited firms must ensure they give it appropriate attention, areas for particular focus include:
- Stamp Duty Land Tax (SDLT) policy
- Anti-money laundering policies
- Property and mortgage fraud
- Leasehold policy
An important aspect of managing risk is the effective supervision of staff and client matters, but with Covid-19 lockdowns this may not have had the focus that it needed, for example, with the need to move to paperless operations file review procedures may not have been adapted to take account of new operational circumstances; another area that may also have fallen by the wayside is that of regular conversations with fee earners about their management of client matters.
The risks to Conveyancers
Due to the pressure placed on conveyancers during the government-initiated stamp duty holiday many people expect there to be a rise in negligence claims and complaints, so firms need to prepare for these, for example, by carrying out additional reviews of files completed during the stamp duty holiday period. Professional indemnity insurers were already worried about the risks posed by conveyancing work but are even more so due to the impact of Covid-19; it is already being said that some insurers may be looking to exit the legal insurance market as a consequence of the impact from Covid-19 and the new cyber insurance coverage issues, so obtaining cover is not going to get easier (or cheaper) any time soon!
During the webinar will also look at the main risks that need to be considered when dealing with conveyancing files, for example, poor reporting, timing, contract checking, and diligence. We will also look at the third parties that have an interest in a firm’s compliance with the CPMS and the consequences that can come from taking a ‘tick box’ approach.
A number of CQS firms were recently found in breach of the Money Laundering Regulations by the Solicitors Regulation Authority during a thematic review, and sanctioned accordingly, time will tell what impact this may have on the retention of their CQS accreditations!