Independent review sets out extent of opportunities missed by SRA to address PM Law failings
Summary
An independent review has found that the Solicitors Regulation Authority missed multiple opportunities to intervene earlier in relation to serious failings at PM Law Group. The report says the regulator held extensive intelligence but lacked the systems, processes and expertise to turn it into timely regulatory action, contributing to delayed intervention before the group’s collapse.
Why it matters
Although this concerns legal services regulation rather than surveying directly, it is relevant to residential property surveyors because conveyancing failures can affect transaction risk, client money handling and consumer protection. It also highlights wider regulatory weaknesses around complex firms involved in property work, which may affect referral, due diligence and professional risk awareness.
Key points
- Independent review says the SRA missed several chances to act on PM Law Group concerns from 2023 onwards.
- Investigations were reportedly carried out without key financial information and with limited verification of management explanations.
- The review criticises fragmented intelligence, weak internal coordination and an inability to build a full risk picture.
- Concerns included compliance officer roles across multiple ABSs, lack of training and unreported internal breach issues.
- The SRA has accepted the findings and says it needs to move toward a more proactive regulatory model.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
