LSB considers reforms to curb bickering between Law Society and SRA and ensure full regulatory independence
Want to read this article later?
Just tap MyLCN+ to save it to your account
Almost constant disagreements between the Solicitors Regulation Authority (SRA) and the Law Society may mean there is a need for a change in the rules governing the two regulators’ relationship, the Legal Services Board (LSB) has said in its latest consultation.
The LSB oversees the activities of both regulators in its role as the legal profession’s highest regulatory body. As Legal Futures reports, the LSB’s attention has been drawn to over 30 disputes between the SRA and Law Society in just the last three years, with disagreements ranging from governance to strategy using up vital time and resources.
The LSB is already reviewing the governance arrangements between the Law Society and the SRA, but the new consultation published on 8 November is entirely separate. It suggests that one solution to the problem is radical reform, including the potential setting up of various ‘gateways’ which would be the only way for the two regulators to exchange information on issues such as finance, governance or regulatory performance.