Credas

Day 7 of our is SRA Fining Powers

In July, the SRA received additional powers that allowed them to fine law firms up to £25,000 without having to consult the Solicitors Disciplinary Tribunal (SDT). Previously the SRA could only fine firms £2,000 without referring to the SDT. The change was opposed by the Law Society due to a lack of transparency on SRA decisions.

The Economic Crime Act could see the removal of this cap completely if the matter relates to money laundering and economic crime.

Day 5 our is data reform bill

Announced in May, the data reform bill was the UK Government’s first major shakeup of data protection laws since leaving the EU.

Proposed amendments to the UK’s current data protection regime included plans to:
• removing “vexatious or excessive” DSAR requests
• reforming cookie requirements
• replacing DPOs with new Senior Responsible Individuals (SRIs)

The bill was being fast-tracked through parliament as it was projected to save businesses £1BN over ten years. Subsequent changes in governmental leadership though, has meant it lost some momentum but the commitment to data reform is still high on the government’s agenda.

Day 4 our is material information

As of May, when listing a property for sale or rent, Estate Agent must ensure its council tax band/ rate, price or rent, and tenure information (for sales) is included. The top property portals have all adopted these changes and made it a requirement for listing.
Parts B and C are being developed in conjunction with key partners within the property industry with no dates when they will land yet published.