New changes in Standards and Regulations proposed
The Solicitors Regulation Authority (SRA) has proposed several amendments to its Standards and Regulations following feedback from the sector.
These planned adjustments will affect areas where rules were found to have had unintended consequences. It is also hoped the proposed changes will reduce the time taken by practices to comply with time-consuming regulatory tasks.
The proposed amendments include changes to the rules relating to:
- Solicitors reclaiming costs paid out on behalf of the client
- Firms managing bank accounts run on behalf of clients
- Pro bono work, or administering oaths or statutory declarations outside of a solicitor’s employment
- Indemnity insurance requirements for solicitors working in non-regulated bodies
Paul Phillip, Chief Executive Officer of the SRA, said: “When we introduced the new rules, the aim was to get rid of unnecessary and burdensome prescription and focus on what matters – high professional standards
“Feedback so far suggests the approach of putting more trust in a solicitor’s professional judgement is working well and has been positively received. Firms have also really valued the extra flexibility our rules allowed throughout the Covid-19 pandemic.
“There are, however, a few small areas where we have had feedback that the rules would benefit from amendments to make them work better in practice. We have listened and these proposed changes will help make sure our rules aren’t creating unnecessary burdens or having unintended consequences.
These alterations, if ratified, are seen as being a positive step as more trust will be placed in a solicitor’s judgement.”
The SRA’s consultation is currently inviting feedback from the profession and will close on 8 March 2023.