Regulatory Authorisation Services
What we do
Centrix Legal provides the Regulatory Authorisation Services to assist Law Firms set up and expand into either ABS structures or structures such as Claim Management Companies to provide unreserved legal activities.
The following list is not exhaustive but covers the main types of Authorisation that we can assist with: –
• Setting Up in Practice: –
Complex processes are involved in applying to the SRA to be recognised as a new practice, whether that be as a sole practitioner, law firm or ABS.
We provides practical assistance to all prospective firms and practitioners, not only in relation to the SRA application process but also by providing simple to use templates for the compliance policies and procedures every firm will need, such as Office Procedure Manual covering COLP & COFA Duties, Money Laundering, Complaints handling and Diversity – to name but a few.
• Alternative Business Structures: –
The process for obtaining a license for an alternative business structure or an authorisation as a traditional law firm is the same and is complicated.
In both cases, the SRA requires an analysis of the risks to the new business and an explanation of the controls that will be put in place. Many new firms find this a difficult exercise. Our Consultants have successfully steered a wide variety of different business models through this procedure. It is important for firms to obtain advice at the earliest possible opportunity if it is their intention to make such an application as matters can become prolonged if not handled correctly.
• Claims Management Regulation: –
The Ministry of Justice and we regulate the companies that offer a service for people hoping to claim compensation for:
• personal injury
• mis-sold financial products and services
• employment and redundancy
• criminal injury
• industrial injury
• housing disrepair
Many professional’s believe that such companies will be able to provide unreserved legal activities more cost effectively and efficiently through this business model and certainly there is both political (government) and regulatory (SRA) support for this.
The Claims Management Regulator (CMR) usually processes applications within 45 days. However, it can take up to 3 months if the regulator needs to get in touch for more information. Please note that this timescale does not include any time during which we are waiting for information from you.
When you apply, make sure that:
• your company is fully formed and Companies House records are up to date (if you’re a limited company)
• you supply proof of identity (a copy of your passport or driving licence)
• you provide proof of residential address (2 utility bills, such as gas, electricity, water or council tax)
• you provide any additional information indicated by the form in relation to your specific business model. For example, if you intend to have a contract with your client you will need to provide a copy (or draft) of all of your client paperwork with the application form
• you complete the application form correctly
• To become an authorised claims management company (CMC), you must complete an assessment of your competence and suitability (PDF, 128KB, 5 pages) . If you are granted authorisation you must then follow all of the regulations and guidelines.
Why use us
So what are the advantages of using “outsourced” Regulatory Authorisation Services and why do clients trust us?
In a nutshell:
We save them worry and stress. By seeking advice and assistance from other professionals who have practical experience in dealing with similar applications time and time again we can show you how to avoid pitfalls and time delays.
We save them money. By engaging a proven regulatory expert to assist with your issues it leaves you free to focus on the task of fee earning and developing your business safe in the knowledge that you a getting best assistance.
We take the strain. By providing you with our experience and practical assistance helping you shoulder the load.
We are cost effective. We agree fixed fee to ensure there are no hidden surprises and this assists cash flow and budgeting
How does it work?
Centrix provides a bespoke Regulatory Authorisation Service for Solicitors and Law Firms dependant upon your size and requirements. By making our service bespoke we can ensure we are both efficient and cost effective. So after an initial discussion we would agree terms and price dependant upon your specific need.