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The SRA’s new Standards and Regulations: One year on

The SRA’s new Standards and Regulations: One year on

Friday, 23 April 2021

As you will be aware, the SRA introduced their new Standards and Regulations on 25 November 2019. These incorporated the new SRA Accounts Rules which were simpler and far shorter than the previous SRA Accounts Rules 2011. The purpose was to allow solicitors to focus on what really matters to allow delivery of high professional standards whilst protecting the public and its money. The reforms put more trust in solicitors’ professional judgement by getting rid of outdated prescriptive rules and giving more flexibility on how to operate.

Further guidance

In areas of uncertainty the SRA has issued further guidance such as:

  • Statement of our position regarding firms operating a client’s own account (25 November 2019)
  • Improper use of client account as banking facility (25 November 2019)
  • Planning for and completing an accountant’s report (14 September 2020)
  • Taking money for your firm’s costs (14 September 2020)
  • Granting authority to withdraw residual client balances (8 October 2020)

On 9 March 2021 our Legal team ran a webinar which covered these issues and is still available to view here

SRA survey

However, the SRA is now keen to find out from solicitors how they have found working within the new Standards and Regulations. They would like to know whether regulatory burdens have been reduced, what practical benefits or challenges the rules have brought and whether they have helped you work differently.

Over the coming weeks the SRA will be contacting you to complete a short survey and we would encourage you to participate to let them know what you think.

Need help?

If you wish to discuss any matters covered in the webinar in greater detail, please get in touch with one of our Legal experts. You can find contact details on the Our People section of our website. Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk

Richard Betts

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