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Banks may charge law firms more for borrowing if they abandon their client accounts, the legal regulators have warned. A report submitted to justice minister Shailesh Vara highlighted both the dangers and benefits of allowing choice on whether to handle client money directly.

A thousand more law firms will no longer be required to submit accountants’ reports, the Solicitors Regulation Authority decided at yesterday’s board meeting. The change is set to be introduced on 1 November 2015.

The Solicitors Regulation Authority is to ask solicitors how they judge the seriousness of misconduct offences in a new initiative on professional standards. The move will result in a policy statement and decision-making framework for the regulator’s staff.

A law firm with offices in Italy and England was under a duty to warn British and Irish property investors of the risks of investing in a part of Italy associated with organised crime, the High Court has ruled.

The Solicitors Regulation Authority is set to continue regulating most consumer credit activities carried out by law firms after new proposals were issued last week. A consultation said solicitors would be able to carry out mainstream consumer credit activities as long as they are central to the legal services they provide.