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 review, commissioned by the Legal Services Board and carried out by independent law firm Carson McDowell, found that the SRA did not act adequately, effectively and efficiently, nor did it take all the steps it could or should have taken. The SRA’s actions and omissions required a change in procedures to mitigate the possibility of a similar situation happening again, the report found.
The SRA has said it 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, including taking action to reduce differential outcomes and barriers to entry.
Law Society president Richard Atkinson said a change in the SRA’s leadership, following the announcement that chief executive Paul Philip is set to retire this year, 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’.
He added:
“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.
“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.”
However, Atkinson warned that the SRA should provide clarity on its investment plans and proposed outcomes after requesting a budget increase of £16.3 million to be funded by a rise in the cost of the individual practising certificate.
He commented:
“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.”
