The firm’s collapse and the disappearance of an estimated £64m client money has attracted much press interest.
While possible criminal and disciplinary proceedings preclude a public inquiry, some form of independent review of the SRA’s regulatory framework and supervision is critical in the interests of establishing confidence in the SRA, both for the public and the profession who pay for it.
Further background and comment can be found in the article by Frank Maher in the Gazette, including a proposal for oversight by a retired High Court judge and a solicitor with recent experience of SRA regulation, possibly a former law firm General Counsel.
The promise in the SRA’s announcement that they will make sure they involve relevant stakeholders as they move forward is welcome, but this should include local law societies as stakeholders – and not just The Law Society, whom we have yet to see making the profession’s case with much vigour.
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