Update to the Assurance Policy 2025

The Faculty Office’s regulatory approach is set out in its Assurance Policy which has been updated to reflect changes in its risk-based approach.

Summary of key changes:

Context

We have added more signposting to the relevant Rules and Guidance that apply to notaries (page 2-3), to help improve clarity and accessibility.

Risk Model

The previous statement that “Typically, responses to date have been c90%” (page 6) has been removed. Recent survey and consultation response rates have been lower than expected, so this is no longer a reliable indicator.

Part 2: Money Laundering and Terrorist Financing Risk Assessment

We have included:

• reference to the 2025 National Risk Assessment. It highlights that the legal sector continues to face a high level of risk in relation to money laundering (pages 10-11), and

• additional areas of higher risk work carried out by notaries (the material preparation of Powers of Attorney and lasting Powers of Attorney, and the acting as verification agents for the Register of Overseas Entities) (pages 11-12).