X
etsos

Free trial Sign-up

Please leave your name and email and we'll be in contact shortly.

Name

Company

Contact Number

Email

Please complete the sum:        
2 + 4 =

Did you know that ETSOS can help your compliance requirements with Outcomes-focused regulation?

9th July 2012

Many legal businesses are still finding their feet when it comes to interpreting the requirements to comply with the SRA Handbook which was introduced in October 2011. There are a number of important ways in which use of the ETSOS Portal and Quotation Referral System helps you to ensure compliance.

The ETSOS system gives you a choice of search providers rather than only having one option. This means that you can ensure that you maintain compliance with mandatory principal 5:“provide a proper standard of service to your clients” by “taking into account the individual needs and circumstances of each client.”

This unique facility of choice of providers also ensures that you avoid situations which might put your independence at risk as required by mandatory Principal 3: “not allow your independence to be compromised”

The portal also ensures that you have the procedures required to carry out your clients’ instructions as required by O(1.4) of the Code of Conduct as well as the quotation and referral system  ensuring that clients are in a position to make informed decisions about the services they need, how their matter will be handled and the options available to them in accordance with O(1.12).

These matters together with the excellent functionality of the system itself ensures that all recommendations are in the best interests of the client and you maintain your independence as required by O(6.1) and O(9.1).  This is enhanced by the quality checks which ETSOS carry out on all of their providers which includes accreditation, ensuring the definitive nature of searches, the geographical coverage and that the appropriate PI insurance is in place (which can be checked by each user at the click of a mouse.)

These quality checks also, of course, ensure that you comply with O(7.3) which required you to have systems in place to monitor risk.

Finally, the agreement you enter into with ETSOS ensures compliance with 0(7.10) in relation to outsourcing.

Michaela Hardwick
Compliance Consultant

The client and experts view...

  • thumb1
Latest newsspeech Bubble

Crack down on AML with “Flag it Up”

The government have moved to crack down on Money Laundering in the UK with a new campaign focusing on the accountancy, legal and property sectors. (more…)

How to write your AML risk assessment

The Money Laundering Regulations require estate agents to risk assess their business relationships and apply an appropriate level of investigation to ensure that they understand who their customer is, and why they are involved in the transaction. (more…)

Fines for failure to identify beneficial owners

Agents are falling foul of money laundering regulations by not having a process in place to identify third party ownership and beneficial owners. (more…)

NEWSFLASH: Funding doubles for industry regulator

The government have announced a significant funding increase for property industry regulator the National Trading Standards Estate Agency Team (NTSEAT).

There has long been criticism of a lack of resource in the team whose responsibility it is to police and enforce various regulations estate agents are governed by; including the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). (more…)

£22.5k fine for estate agent…

A recent news story highlights the risks posed by the Consumer Protection from Unfair Trading Regulations, otherwise known as CPRs. (more…)

divider
newsletter sign-up

Sign up for our e-newsletter

Name
Company
Email Address
trialTop

trial sign-up

Click the Apply button opposite to use our software on a trial basis...

trialBottom
  • etsosnews

  • etsosnews

  • Linkedin Twitter Facebook
    This site uses cookies. Find out more about this site’s cookies.