Thematic Review on Probate: Regulatory Insights and Findings
"Explore the findings from a thematic review on probate, focusing on regulatory aspects such as continuing competence, client care, and conflict of interest. Discover key insights and recommendations for improving risk management in estate handling."
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Presentation Transcript
Probate thematic review Siobhan Fennell, Regulatory Manager, Thematic Risk Mel Lothbrok, Regulatory Manager, Thematic Risk
Reasons for the review SRA annual assessment of continuing competence Complaints to Legal Ombudsman Compensation fund payments
What we did Looked at how firms and solicitors: maintain continuing competence manage the risks around handling estate monies and assets meet their obligations to clients and parties to the administration Met with external stakeholders
What we did 25 firm visits Interviewed Head of Department and fee earner Reviewed files and ledgers, training records, policies/procedures and accountant's reports
What we found Good understanding of client vulnerability Firms could provide more information to their clients and residuary beneficiaries on: client care costs complaints
What we found Firms could do more to mitigate risk of conflict of interest when acting as executors Two firms were not compliant with their obligations on accountant s reports
Further work Continuing competence programme Consumer protection review: sra.org.uk/consumer- protection-review
