LSB steps up enforcement against SRA ‘to protect consumers’
Summary
The Legal Services Board has escalated enforcement action against the Solicitors Regulation Authority, citing ongoing concerns about leadership, accountability and the regulator’s ability to respond quickly to risks affecting consumers and client money. The move follows further independent reviews linked to the collapses of PM Law Group and earlier failures at Axiom Ince and SSB Group, which together involved substantial losses of client funds.
Why it matters
Although this is a legal services regulatory story, it is relevant to residential property surveyors because conveyancing and client-money failures can disrupt transactions, increase risk in the property chain and affect confidence in the wider property market. Surveyors working alongside solicitors should be aware of heightened scrutiny on conveyancing regulation and the potential for knock-on delays or consumer harm.
Key points
- LSB says the SRA has not shown sufficient evidence that previous reforms are consistently improving outcomes.
- Further enforcement will include additional performance targets, a consolidated implementation plan and more independent assurance.
- Independent reviews identified missed opportunities to intervene in PM Law Group and similar weaknesses previously seen in Axiom Ince.
- The LSB says regulatory failures can undermine trust and increase costs for consumers.
- The SRA’s 2026/27 practising fee application has been approved, with extra investment expected in regulatory capability.
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