Industry News

Consumer Credit Regulation Seminar

07 November 2014

The SRA’s consultation paper on the Regulation of consumer credit activities was published in October.

It is probably the worst regulatory news for the legal profession.

What you need to know is:

  • You almost certainly DO carry out some consumer credit activity – almost all law firms do, even if just by virtue of giving clients time to pay bills;
  • If the SRA gets what it wants, then within a matter of months your firm will need to become dual regulated – by the SRA and the Financial Conduct Authority;
  • If you fail to obtain FCA authorisation your business will be severely harmed and you will almost inevitably end up inadvertently committing criminal offences punishable with imprisonment;
  • This dual regulation will cost even the smallest law firms tens of thousands of pounds;
  • You will be exposed to a host of new disciplinary sanctions, including eye-watering fines and other commercially catastrophic penalties;

The consultation period closes on the 15 December 2014. We have a few weeks to make a serious attempt to change the SRA’s mind.

LBS Legal will be holding a free to attend seminar where our CEO, Chris Kirk-Blythe will speak about the implications for law firms of this proposed regulation and explain why it will affect almost all law firms even if you currently believe that it will not affect you. The presentation will be followed by a discussion forum hosted by Chris Kirk-Blythe and Natasha Peacock a specialist regulatory barrister with The Needle Partnership.

Date: Monday 10th November 2014 - 1400-1600

Location: Cedar Court Hotel, Huddersfield

If you would like to attend this event please contact Brian Greevy on 07553 371383 or brian.greevy@lbslegal.co.uk to reserve a place.

 

 

 

Ian Braithwaite
Client Relationship Manager

T: 0113 385 4483
M: 07432 695 289
E: ian.braithwaite@lbslegal.co.uk

For General Enquiries: Email enquiries@lbslegal.co.uk
24 hour Helpline 0845 0563949
or alternatively fill in the contact form below and we will contact you within 24 hours
 
 
 
 
 
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