SRA Risk and Compliance Updates

SRA supervision reduces law firm risk, report on pilot finds -- "A report on the Solicitors Regulation Authority’s (SRA) pilot on supervision of low and medium-risk firms has concluded that the regulatory risks posed by participating firms fell during the period of supervision."

Compliance officer failures bolster SRA bid for automatic fining powers -- "The Solicitors Regulation Authority (SRA) is to seek powers to levy automatic fines for breaches of its rules to avoid a repeat of the embarrassment caused by hundreds of law firms failing to nominate compliance officers on time."

SRA set to press ahead with leniency scheme for law firm whistleblowers -- "The introduction of a leniency scheme for those who reveal misconduct at law firms and alternative business structures will today be debated by the board of the Solicitors Regulation Authority (SRA)."