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The Solicitors Regulation Authority has given more details of its
implementation strategy for outcomes-focused regulation.
Its Relationship Management approach to risk-based supervision is to be
rolled out to larger firms, after a pilot found that small firms did not require
interaction with the regulator on a continuous basis.
The approach has been tested since autumn 2010 on 19 volunteer firms of all
The project involves a team of relationship managers from the SRA undertaking
a five-step process that includes identifying, assessing and addressing
For smaller firms involved in the pilot, it was found their regulatory issues
were less complex and capable of resolution without an ongoing relationship
Suchitra Hammond, SRA relationship manager, said: ‘Because of the
resource-intensive nature of Relationship Management, we had taken the view that
it would be the most fitting for large and commercial firms. The evidence we’ve
collected since we started the pilot proves this to be the case.’
City firms have already indicated to the SRA their support for the
Relationship Management regulation method, with assessments now to be made on
staff numbers, offices and turnover to judge which should be included.
Alternative business structures will also be assessed in this way.
Client Relationship Manager
T: 0113 385 4483
M: 07432 695 289
The Law Society has issued a practice note about the risks to solicitors posed by this new legislation, which came into force on 30 September.
The SRA has urged all practices to check HM Treasury’s consolidated list of asset freeze targets, which lists designated persons subject to financial sanction under EU or UK legislation.
The practising certificate renewal period opened on Monday 2 October.
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