‘Use existing data before introducing new reporting obligations’ Law Society tells SRA
Summary
The Law Society has urged the SRA to avoid adding new reporting duties for firms unless proposals are clearly evidence-based, proportionate and built around better use of existing regulatory data. It supports earlier risk identification and stronger consumer protection, but warns that expanding notification requirements could create unnecessary administrative burdens, especially for smaller firms and sole practitioners.
Why it matters
Although the article concerns legal services regulation rather than surveying directly, it is relevant to residential property surveyors because SRA reporting changes can affect conveyancing firms that surveyors regularly interact with. Any shift in client money oversight, merger activity reporting or compliance expectations may influence transaction workflows and risk management across the property market.
Key points
- Law Society says the SRA should use existing data before adding new reporting obligations.
- Concerns raised about regulatory drift and the cumulative burden on smaller firms.
- Consultation focused on prescribed events that may indicate higher client-money risk, including M&A activity and firms beginning to hold client money.
- Law Society wants clearer notification triggers and a more proportionate enforcement approach.
- Future requirements should form part of an intelligence-led supervisory model, not standalone reporting.
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