Regulation

SRA continues to pursue increase in fining powers

Solicitors’ leaders are concerned about the Solicitors Regulation Authority’s (SRA) plans to increase its fining powers by more than 1000%, as they respond to the SRA’s 2022/2023 business plan and budget consultation.

Law Society of England and Wales president I. Stephanie Boyce said: “In principle, we welcome the SRA’s ongoing prioritisation of its core regulatory function of ensuring high professional standards of competence.

“We are particularly pleased the SRA decided to extend the life of the Solicitors Indemnity Fund (SIF) for a further 12 months after hearing the profession’s and consumers’ concerns about the loss of such a protection.

“Meanwhile, the SRA will continue to focus on anti-money laundering, the Solicitors Qualifying Exam, diversity and inclusion, and technology and innovation, policy areas which align with the Law Society’s own priorities.

“We do, however, have real concerns about the approach the SRA is taking in a number of areas, such as fining powers and health and wellbeing considerations in law firms.

"We are particularly disappointed the SRA is continuing to seek to increase its fining powers by more than 1,000 per cent without balancing these changes with appropriate safeguards.

“Similarly, we do not support the SRA’s proposals of new regulatory powers to address issues around wellbeing, as these changes are not supported by evidence.

“We are keen to continue close engagement with the SRA in these areas, providing insights informed by our members’ views and experiences to ensure the SRA’s proposals are evidence-led, robustly impact assessed, fair and proportionate.”

Notes to editors

Read the our full consultation response

Read the SRA’s 2022/2023 business plan, budget and fee consultation

About the Law Society

The Law Society is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.

Press office contact: Naomi Jeffreys | 020 8049 3928

Maximise your Law Society membership with My LS