SRA seeks to establish itself as a regulator with teeth

Table of contents

• What has driven the SRA to ask for these powers?
• Will the SRA get the powers it seeks?
• When is a decision expected? How soon could automatic fines become a reality?
• What sort of misdemeanours will attract penalties?
• What sort of penalties could we see?
• Will there be any right of appeal? How would this operate?

Article summary

Practice Compliance analysis: The SRA has called on the government for added powers to levy on-the-spot fines for firms that miss regulatory deadlines. This follows hundreds of companies failing to submit nominations for compliance officers by the 31 July deadline. Andrew Blatt, senior partner at Murdochs Solicitors, discusses what has driven the SRA to ask for such powers, and how they might operate in practice.