SRA consults on rules to restrict excessive fee charging in financial mis-selling claims

The Solicitors Regulation Authority (SRA) announced on 31 March that it is consulting on new rules that will restrict excess charging when firms make compensation claims on behalf of their clients for mis-sold financial products. The consultation follows as discussion paper published in 2021 that set out the SRA’s proposed approach, which aims to align with the relevant rules set by the Financial Conduct Authority (FCA). The consultation is open until 21 June 2023.