Regulatory compliance in a legal framework


Compliance is a term generally used to describe the legal and regulatory requirements of an industry.

It is nearly impossible for some corporate bodies to achieve complete regulatory compliance. The rules which must be followed in order to achieve regulatory compliance change periodically, and are designed to fix flaws and close loopholes which exist in the industry.

The rules often therefore require a company to change its operation procedures - a time-consuming process which by the time it completes, new regulations might have been issued.

Commercial compliance

If you represent a company in one way or another, it is important that you understand the legal framework you and your company are governed by.

From the legal enforceability of contracts to corporate compliance, you need to ensure that your company is operating within the law, and that the company’s best interests are being pursued.

Financial Services compliance

Regulatory compliance is especially important in the financial services industry. The recent near-collapse of the banking sector has made the exact substance of the compliance rules an issue of discussion, but the industry had been heavily regulated for some time before that.

The need for such regulation comes from the fact that the system commonly creates situations in which individuals are in a position to make personal gains from information that is not publicly available. Such gains have a distorting effect on the market, which diminish investor confidence and hurt the economy in the long run.

Legal industry compliance

Legal compliance refers to the compliance issues of the legal sector, and specifically the guidelines for solicitors.

Like most professional service industries, solicitors have a regulatory body which is named the Law Society. Virtually all legal compliance regulations arise from the activities of the Law Society, and these are listed in two publications released annually, the:

  • Solicitor’s Code of Conduct
  • Solicitor’s Accounts Rules

Legal compliance is constantly changing and can prove difficult to follow and enforce. Because of recent discoveries of fraud and money laundering, legal compliance now includes strict requirements regarding background checks of new clients, questioning suspicious activities of clients and even refusing to act in some cases.

These legal compliance issues were added on to existing rules, which include avoiding conflicts of interest, ensuring that confidential information remains secure and ensuring the client’s interests are always pursued.

If you have had a legal encounter with a solicitor, and you feel that any of these guidelines were not followed by the solicitor, you can always discuss your case with the Law Society or a solicitor.

Do you feel that your company needs help with compliance, or that a solicitor has been negligent in dealing with your case? Contact Law can put you in touch with a professional negligence specialist solicitor to help fight your corner. Please call us on 0800 1777 162 or complete the web-form above.

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