We have recently had a new compliance officer start with my firm.
She has produced a lengthy questionnaire covering SOF/SOW asking for full financial details which she proposes being sent to all clients for all work types.
In the past we have only asked for evidence of SOF/SPW where we are receiving money from the client as part of the transaction eg conveyancing – purchase.
Under the new policy we are asking for all clients for details of wealth, earnings etc and this has caused some resentment from clients and confusion on the part of our fee earners as to why we need this information in relation to eg wills, conveyancing-sale etc.
I was wondering whether other firms also ask for SOF/SOW information on cases where the client isn’t providing any funds in relation to the matter?
