Writing in NLJ this week, Shaunagh Rogers of Nexa Law says the Solicitors Regulation Authority’s latest review accepts consultant models ‘can be successful’ but will demand more evidence that firms’ compliance systems genuinely work.
The article also examines the forthcoming transfer of anti-money laundering supervision to the Financial Conduct Authority, warning firms to expect a more data-driven approach.
Rogers argues that businesses with strong supervision, centralised onboarding and robust audit trails will benefit, while weaker operators face greater scrutiny. She also highlights the Dentons appeal, which could lower the threshold for disciplinary action over AML breaches. Her conclusion is optimistic: firms that ‘welcome scrutiny’ and invest in effective compliance should emerge stronger as regulation catches up with the consultant model.
