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 editors
