SRA performance declines in recent assessment

The Legal Services Board's report shows the Solicitors Regulation Authority's declining performance requires urgent leadership action for improvements to restore trust in the sector

The Legal Services Board (LSB) has today released its latest annual regulatory performance assessment, revealing a downward performance by the Solicitors Regulation Authority (SRA) relative to the previous assessment and that it now falls short in meeting any of the required standards. Law Society of England and Wales chief executive officer Ian Jeffery said “The SRA has been found to be lacking in its performance. Only urgent action from SRA’s leadership which focuses on the organisation's performance and accepts that it has to do much better from top to bottom, will start the process of regaining the trust of the sector, our members and consumers." He continued by saying, “Effective regulatory oversight is the cornerstone of consumer confidence. However, while the events leading to the collapse of Axiom Ince were happening, the SRA was focused on increasing its fining powers and proposing regulatory expansion."

Jeffery emphasised that “Instead, it should have been tackling the known risks from accumulator-style firms and ensuring its operations were joined up and laser focused on protecting consumers." He urged the SRA to “refocus on its core responsibilities and significantly improve its approach to risk management following the failings identified in the Axiom Ince review." He also expressed agreement with the recommendation for “increased transparency regarding the performance of Solicitors Qualifying Examination (SQE) providers to help aspiring solicitors make an informed choice when selecting and investing in a training supplier."

The Law Society welcomed the LSB’s commitment to reflect on its approach to oversight, which would include a sharper focus on poor performance and ensuring that regulators identify and take actions to provide the necessary assurance to address the concerns about their performance