Continued competence – we can help!

We have noted with interest that the SRA is still not entirely satisfied with the findings of its third annual assessment of continuing competence.

Consequently, in April, the regulator announced a consultation on whether the current regime is working effectively, having already signalled its intention to review the regime last year. The consultation will have “a particular focus on reflection and maintaining professional ethics obligations.”

The SRA commented that it was “unclear” from much of the evidence it had obtained – through thematic reviews and reviewing training records – whether solicitors were undertaking “meaningful reflection on all aspects of their practice.”

It is not just about the individual

Under pressure from the Legal Services Board, individual self-reflection on training and learning needs has been a focus for some time.

After the third annual assessment results were published in July last year, the SRA strongly suggested that individuals within law firms should be supported, directed, and supervised by the firm, particularly the COLP.

Indeed, the regulator referred to a lack of “written policies” at firm level to ensure lawyers’ continuing competence.

Is all learning relevant?

The SRA made it abundantly clear that, while many individuals recorded learning and development activity, there was often no evidence to demonstrate that this learning was based on or informed by meaningful reflection on all aspects of their work and practice.

To directly quote the SRA: “A significant proportion of evidence provided simply listed the learning and development activity carried out and the date it was completed. This does not provide us with appropriate assurance that solicitors are taking steps needed to fully reflect on their practice.”

In short, unlike under the pre-2016 structured-hours continuing professional development regime, training for training’s sake or simply attending seminars without a clear connection to an individual’s practice is not what the SRA expects – although it may still be what is happening in practice.

Financial planning partners can help

There is considerable evidence that solicitors are better equipped and more likely to ensure they are technically up to date for the main legal aspects of their work. However, the SRA has frequently highlighted gaps in areas relating to clients’ personal circumstances and recognising where complementary professional advice might be appropriate.

One area where our experience under the FCA regime may be particularly relevant is vulnerability and identifying clients in vulnerable circumstances. In its July 2025 assessment, the SRA mentioned this “failure to identify clients’ mental health conditions, learning disabilities, or those who were otherwise vulnerable.”

For a number of years at Forrester Boyd Wealth, we have had systems and policies in place to identify where a client might be in vulnerable circumstances. All our planners and support staff are trained and confident in this area, making it one where we can add value to your firm’s continuing competence programme.

Where legal and financial advice overlaps

While vulnerability will often be a factor for clients who are unfamiliar with legal processes and require legal advice, there are many other areas where legal and financial advice overlap. We are keen to provide training and support in these areas too.

This might include training on identifying where in the legal process a referral for complementary financial planning might be appropriate, as well as helping solicitors understand what effective financial planning can offer their clients.

Our training can cover specific topics like Business Relief investment vehicles and their potential Inheritance Tax (IHT) treatment, selecting investments suitable for various trusts, using cashflow forecasting for separating clients, and ensuring trustee investments comply with the Trustee Act 2000.

Particularly relevant as we write are the upcoming reforms that will bring unused pension funds and death benefits into the IHT regime from April 2027. These will create a need to understand how executors will identify and report on such funds within six months.

Here to assist

We can support you as individuals or work with your COLP to design relevant firm- or department-wide training modules and presentations, tailored to complement what you already have in place.

Get in touch

Email info@fbwealth.co.uk or call us on 0333 1122211.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.