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The Solicitors Regulation Authority (SRA) has set out its plans for a wide-ranging programme of work to improve the regulation of solicitors and firms. In its policy statement, “Approach to Regulation and its Reforms”, the SRA declares its intention to:
What is the SRA proposing?
In short, the changes are intended to reduce red tape to improve external competition and internal efficiency in setting up and running ABS businesses. This includes proposing a series of fundamental revisions to the methods/systems for educating, training and developing solicitors through the Training for Tomorrow programme; seeking to revise the regulatory framework and their approach to enable increased entry of multi-disciplinary ABSs to the market; measures intended to reduce “unnecessary regulatory barriers and restrictions” so that there is “increased competition, innovation and growth”; and an aim to reduce “unnecessary regulatory burdens and cost on regulated firms” and make the burden proportionate to the size of the business.
Overall the changes are well-intentioned, but there is a real scepticism among the in-house legal community over whether these changes
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