The Legal Services Board (LSB) has announced an independent review of the Solicitors Regulation Authority’s (SRA) regulatory actions in the lead-up to the collapse of SSB Group.
The LSB will add this review to the scope of its current review into regulatory events prior to SRA’s intervention into Axiom Ince (announced in December 2023). The additional terms of reference will be published shortly. It remains the aim to report on Axiom in spring 2024, with the review in relation to SSB Group and overall learning and conclusions being reported in the summer.
Given the considerable consumer detriment, the Board believes that it is important to understand the regulatory events in relation to both firms. Learning from these cases will be vital for public and professional confidence.
The LSB will continue to partner with the law firm Carson McDowell to carry out the reviews.
The Legal Services Board (LSB) has announced an independent review of the Solicitors Regulation Authority’s (SRA) regulatory actions in the lead-up to the collapse of the SSB Group. Law Society of England and Wales chief executive officer Ian Jeffery said:
“We welcomed the LSB carrying out an independent review of the events leading to the collapse of Axiom Ince and the SRA’s intervention to close the firm. We similarly welcome this independent review of regulatory actions in the lead-up to the collapse of SSB Group, which also raises concerns about the timely detection of and protection against consumer detriment.
As the oversight body responsible for assessing and monitoring effective and transparent regulatory performance, the LSB has the necessary investigation and enforcement powers to ensure that the events and regulatory actions relating to such serious incidents are fully brought to light.
We stand ready to work with the LSB and, as appropriate, the SRA to ensure that all proper assurance is provided to the public and to our members.”
