LSB to review SRA regulatory actions in the lead-up to the collapse of SSB group

The Legal Services Board (LSB) has announced an independent review of the Solicitors Regulation Authority’s (SRA) regulatory actions preceding the collapse of SSB Group. This review will be added to the ongoing investigation into the SRA’s intervention into Axiom Ince, with findings on Axiom expected in spring 2024 and the SSB Group review in the summer.

The review aims to assess whether the SRA acted effectively, took all necessary steps, and if procedural changes are needed to prevent future issues. Key focus areas include information handling, senior management oversight, decision-making quality, risk management, and resourcing.

Given the significant consumer impact, the LSB stresses the importance of understanding the regulatory events for both firms to enhance public and professional confidence. Carson McDowell LLP will conduct the reviews on behalf of the LSB.

An introductory meeting with the SRA will be held to facilitate document provision, with a request for relevant documents to follow. The LSB emphasises a fair, transparent, and efficient review process, expecting full cooperation from the SRA.

Further public comments will be withheld until the review concludes to ensure the integrity of the evidence and information gathering process.