Law Society supports SRA’s focus on core responsibilities

News

The Law Society of England and Wales supports the Solicitors Regulation Authority’s (SRA) reprioritisation of work and emphasis placed on investing in its core functions in the 2025-2026 business plan and budget consultation.

The SRA’s consultation, launched in May, aims to address the shortcomings highlighted in the independent review* of the SRA’s response leading up to the collapse of Axiom Ince. The SRA will continue its work to progress equality, diversity and inclusion (EDI) in the profession and focus on improving the effectiveness of the Solicitors Qualifying Examination (SQE) including taking action to reduce differential outcomes and barriers to entry.

Law Society president Richard Atkinson said: “It is encouraging to see the SRA acknowledge the scale of challenges it faces as an organisation.

“The SRA’s commitment to reprioritise its core functions should help rebuild public trust and confidence in the regulator and address the shortcomings which led to the Legal Services Board (LSB) downgrading its performance rating**.

“The change in SRA leadership*** presents an opportunity to turn over a new chapter and learn from the failures identified following the collapse of Axiom Ince and the SSB Group.

“We are pleased to see a continuation of the SRA’s work on EDI in their business plan and look forward to them engaging with our members to learn their views and experiences. It is also positive to see a continued emphasis on supporting the profession in embedding ethics in professional practice and culture.

“The proposed £16.3 million budget hike significantly increases the SRA’s share of the practising certificate fee**** at a time when firms are already facing rising costs.

“We urge the SRA to ensure complete transparency on how this money will be invested and the extent to which the proposed outcomes are achieved.

“Collaboration, co-operation and collective action is needed to address many of the issues identified. We encourage the SRA to use its convening powers to bring together stakeholders and take an evidence-focused, proportionate approach to any regulatory changes.

“We await the SRA’s plan to meet the LSB’s recent enforcement directions***** following the collapse of Axiom Ince.”

Notes to editor

• * Read the independent Axiom Ince review. Read the Law Society’s response to the independent review of the SRA’s handling of Axiom Ince.
• **Read the latest annual performance assessment published by the LSB.
• *** In February 2025, SRA Chief Executive Paul Philip announced his retirement.
• **** The SRA's component of the individual practising certificate (PC) fee would increase from £164 to £190, while the individual contribution to the Compensation Fund would fall by £20, from £90 to £70. This would result in a total individual SRA-related individual fee of £260 – a 2.4 per cent rise (£6).
• ***** Read our response to the LSB’s actions against the SRA.
• Read the SRA’s business plan and budget 2025-2026 consultation.
• Read our consultation response in full.