Solicitors asked to respond on new regulatory regime

Wed, 05 May 2010

The Solicitors Regulation Authority (SRA) is to consult with the industry on its implementation of a new, more flexible regulatory regime. It is asking solicitors to offer their opinions on simplified rulebook, which focuses on the general regulatory standards and principles that practitioners must achieve.

The changes have been promoted to help end the overprescriptive nature of the current rulebook. Although the changes will mean less red tape and supervision, firms will have to provide a good standard of service to clients, and show greater flexibility in the ownership and management of their businesses.

A spokesman for the SRA said "This will mean solicitors focus on getting the best for their clients, and that the legal services market is freed up to do new and better things." The SRA intends the new regime to be more effective, proportionate and targeted, so that it can spend more time on important matters concerning consumers .

Solicitors will still have to conform to rules on key areas such as accounts, and will be forced to take more responsibility for managing risk and exercising judgement on delivering good outcomes.

A consultative draft of the new handbook will be published at the end of May this year, with the final version planned for next April, coming into effect in October 2011. Firms that do not follow the rules will face tough sanctions.
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