Get ready for 1 May 2022 CQS changes with support from Legal Eye

Legal Eye’s associates have been pouring over the changes to the CQS’s Core Practice Management Standards (CPMS) and are now offering firms a gap analysis so that management can clearly see where there are holes in the firm’s current systems vis a vis the new standards.

Available as a one-off purchase, a gap analysis is the ideal way for firms to create an action plan that will ensure the firm is compliant ahead of the 1 May implementation deadline.

Firms can also access support and guidance to help in adapting and developing policies and procedures – whether it is operational or system changes that are needed; or whether new policies or procedures need to be introduced.

One of Legal Eye’s experienced specialist advisers can be engaged to provide bespoke support (either at your office or via remote access); or firms can purchase standalone templates for the firm to complete on their own.

The Law Society is also introducing on site visits to firms. These will be both practice and reactive. In addition the number of remote assessments of firms’ compliance systems will increase.

These visits are likely to be carried out by an independent assessment body although we await full details.

Firms who receive a visit will be provided with a corrective action report after the visit so that firms can continually improve. It is also anticipated that a greater degree of knowledge sharing will take place amongst the wider CQS community facilitated by the Law Society.

• Download CQS Gap Analysis Flyer (PDF)

CQS Gap Analysis

Incorporating the requirements of the amended Core Practice Management Standard (CPMS), published by the Law Society in February 2022, the Gap Analysis will be carried out on/off site:

• Structure and strategy
• Financial management
• Information management
• People management
• Risk management
• Client care
• File and case management
• Implementation of CQS requirements: File reviews and staff interviews

Advice, support and a fresh pair of eyes, our team of specialist associates bring a wealth of practical hands-on experience perfect for reviewing your risk and compliance obligations as part of your CQS Gap Analysis.

Gap Analysis – what’s included?

A comprehensive Review Report will be provided, highlighting any CQS corrective actions required. We can then discuss how Legal Eye can further support you on your path to compliance.

_{Important note: This service does not include any advice or guidance on the following requirements of the CQS CPMS:}

• Requirement 5.16: Practices must have a policy in relation to Stamp Duty Land Tax 

• Requirement 5.17: Practices must have a policy in relation to acting in a purchase of a leasehold property. ·        

• Requirement 6.4: Practices must have a policy for dealing with lenders.

_{These technical / legal requirements fall outside of the scope of risk and compliance.}

CQS Accreditation Application Support

For firms who are considering CQS Accreditation we have the following application support packages available.

Option 1 – The ultimate service, providing the most comprehensive assistance

Application Assistance including provision and tailoring of documents required plus post application queries. 

• Client to ensure that file reviews have been conducted
• Documented procedures in order to answer section G
• Documented procedures supplied will cover the requirements of the application
• Required policies to be updated to reflect the client’s business
• Update your residential client care letters & provide a compliant terms of business document for submission
• Review of your website and advise action to make it compliant
• Supply a precedent Business Continuity Plan and Annual Risk Review
• Assist with the completion of the CQS application
• Assist with queries arising post submission
• Supply precedent Business Continuity Plan, Annual Risk Review document, AML Policy, Risk Management Policy, Client Care Policy for the Client to complete

Option 2 – Perfect for those with a team in place, requiring medium support

 Application Assistance including provision of documents to be tailored by you

• Supply the documented procedures in order to answer section G
• Documented procedures supplied will cover the requirements of the application
• Update a residential client care letter plus provide a compliant terms of business precedent
• Review of your website and advise action to make it compliant
• Supply precedent Business Continuity Plan, Annual Risk Review document, AML Policy, Risk Management Policy, Client Care Policy for the Client to complete

Option 3 – Minimal support, perfect as a “just in case” scenario for experienced teams

CQS Application Review

• Review your completed CQS form
• Supply a list of documentation for you to send to us and in turn, we will review for compliance and report back to you
• Review existing Client Care Letter and Terms of Business, and update if required.

Enquire today

Please speak to one of our advisers for more details on how we can support you in preparing for the 1 May deadline.

Email [email protected], call us on 020 3051 2049 or complete the form below for more information or to make an enquiry.