The Solicitors Regulation Authority (SRA) will be given new powers to fine rule-breakers up to £25,000, under measures introduced today (29 June 2022)
The changes mean the SRA can now fine law firms and individual solicitors for a broader range of offences - from lower-level cases involving inadequate staff training to those with more serious consequences including failure to implement the appropriate checks required to uncover signs of money laundering by clients.
Previously, disciplinary matters requiring fines over £2,000 would be referred to the independent Solicitors Disciplinary Tribunal (SDT).
Given nearly 90 per cent of fines currently issued by the tribunal are under £25,000, these reforms will allow them to focus on fewer, more significant allegations, like firms working for sanctioned Russian oligarchs and businesses.
Deputy Prime Minister, Lord Chancellor and Secretary of State for Justice, Dominic Raab said:
The increased powers will reduce the number of cases referred to the SDT, shortening the average time taken for cases to be resolved.
Anna Bradley, Chair of the Solicitors Regulation Authority, said:
The SRA investigates almost 2,000 cases annually and handed out over 250 fines in the last year, which is only set to increase as the changes take effect. They will continue to refer firms and solicitors to the tribunal in the most serious cases.
Notes to Editors