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Spreading the Cost of Practising Certificate Fees is as easy as 1-2-3 with Wesleyan Bank

Spreading the Cost of Practising Certificate Fees is as easy as 1-2-3 with Wesleyan Bank

The outcome of a recent meeting between the Law Society and the Solicitors Regulation Authority (SRA) has provided some good news for legal practices. The cost to practise as a solicitor in 2016-17 has been reduced by 9% to £290 per individual. The SRA has also confirmed that the net total regulatory funding requirement for 2016-17 has been cut from £105.8m to £99.9m and that it will collect around £8.5m for the Compensation Fund, the same amount as last year.

Although this welcome development means that the cost of practising certificates (PC) has fallen by 24% since 2014, this and other regulatory fees still place additional financial pressures on many legal firms when they come up for renewal in October.

With the potential impact of Brexit still uncertain, law firms are being urged to maintain strict financial discipline in order to maximise profitability. But in a market plagued by uncertainties, solicitors can take comfort from knowing that flexible funding solutions exist to allow them to increase cash flow.

As the only approved finance provider for PC fees by the SRA, Wesleyan Bank’s payment facility enables legal practices to spread the cost of PC renewals over ten equal monthly instalments. It’s as easy as 1-2-3.

1. Solicitors should visit and select the ‘Bill Me’ payment option when concluding their SRA submission, noting the amount to be paid and the invoice number when they appear on screen.

2. Once you have your invoice number and the amount due, you will be directed to the Law Society’s PCFee page where from there you can click through to Wesleyan Bank’s secure PC portal and obtain a quotation and submit an application online. The portal can be accessed from 1 October when the PC season opens and is available until 31 October when the window officially closes.

3. Once an application has been approved, the invoice amount is paid in full direct to the SRA within 24 hours (assuming all information received is correct), allowing rapid reconciliation of your account. The process is fast and simple – no accounting information is ordinarily required and no individual credit searches are undertaken.

Spreading the cost of PC fees offers a number of benefits for legal practices. They can gain peace of mind by the fact that payment can be made within 24 hours of submitting their application and retain existing banking lines of credit. Furthermore by utilising Wesleyan Bank’s competitive rates, legal practices can ensure that vital working capital is preserved for other areas of their firm.

So what are you waiting for? Visit Wesleyan Bank’s PC portal, get an instant quote and apply online in minutes to increase your firm’s financial security.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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