Fairweathers passes Lexcel re – accreditation with another strong performance

20th July 2022 – We are delighted to report that we have successfully concluded our annual Lexcel Practice Management Standard audit with another strong performance.

The entire process took place remotely for the 3 rd year running.

There were no areas of major non-compliance, 5 areas of minor non-compliance and 8 suggestions for best practice.

The auditor recognised 8 areas of good practice where there was either a diligent approach to complying with the Lexcel requirement or where the minimum Lexcel requirement had been exceeded.

These good practice areas included:-
Our enquiry to instruction case conversion rate analysis and monitoring: our Business Interruption Continuity Plan exercise which posed a ransomware attack this year: the tracking of income streams against case predictions across the year: our file review procedures: our AML firm-wide risk assessment; and our client satisfaction questionnaires recording 100% of clients being “very satisfied” and saying that they would recommend the firm to others.

Within her key findings the auditor also drew attention to the firm’s Google review ratings with a 4.8 out of 5 star performance from 44 reviews received.

She further described the firm’s approach to file reviews as “excellent” with each review being very thorough and involving an in-depth analysis and discussion of the case.

Fairweathers’ CEO Nick Fairweather commented:-
“Another excellent set of results this year from this challenging but important process which puts to task our management structures and procedures across all areas of the firm’s operations. For the 3 rd year in a row the audit was carried out remotely which works extremely well, particularly given that we are a paperless office. Lexcel is time consuming and involves everyone in the firm but is an essential tool, in my view, to ensure up to date and continuing regulatory compliance, effective management structures and delivery of the highest level of service to clients. I am disappointed to hear that the Lexcel national team are looking to return to face to face assessments. From our perspective the whole process can be undertaken very effectively remotely and we shall be lobbying the Lexcel office to that affect. I should like to thank all my staff especially the management team for all their hard work in achieving another successful audit this year”.