Risk Agenda

Welcome to the first Risk Agenda, produced by the Council for Licensed Conveyancers.

We regulate a profession that constantly demonstrates very high levels of compliance. We should all be proud of the effort that goes into ensuring that the public has full trust in licensed conveyancers and probate practitioners regulated by the CLC. This reputation is hard won and, of course, easily lost.

We believe in being available to, and working constructively with, our regulated community, rather than you only hearing from us when something has gone wrong. This approach ensures you are able to do the best job you can – and that is good for clients, for practices and is good and effective regulation.

Naturally, nothing is perfect, and the purpose of this Risk Agenda is to highlight issues that our staff have encountered during their monitoring and inspection work,

from those that affect every practice – such as anti-money laundering – to those that become problematic for a relative few, like storing files after closure.

Importantly, none of the issues identified here are widespread or systemic but even isolated failures can have a significant impact on perceptions of the profession and stakeholders’ approach to dealing with CLC-regulated practices. Running a legal practice involves juggling many balls and this document may help you identify one or two that have inadvertently fallen by the wayside.

We intend to update the Risk Agenda on an annual basis. If you have any concerns as a result of what you have read, do not hesitate to speak to your Regulatory Supervision Manager for advice.

Sheila Kumar | Chief Executive


Anti-money laundering

Everyone in our regulated community will be aware of the high priority both we and the government place on anti-money laundering.

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Aged balances

A CLC practice needs to take active steps to ensure all client monies are properly paid to the rightful recipient at the conclusion of a matter.

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Conflicts of interest

The Conflicts of Interest Code provides that CLC-regulated practices can act for more than one party to a transaction with informed written consent.

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TIC

Transparency and
Informed Choice

There are sector-wide requirements to provide certain information to help consumers make their choice of lawyer to that apply to all CLC practices lawyers.

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PII

Professional
indemnity insurance

In the most recent insurance renewal round, insurers refused cover to a small number of practices because of the type of work they were conducting.

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FS

File
storage

Under the Transaction Files Code, CLC practices must retain the contents of files relating to all matters for a minimum of six years.

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BCP

Business
continuity planning

All CLC practices should have in place their own business continuity plans for ensuring the continuing delivery of services to clients.

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