Introduction to SRA Regulation for ABSs

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An introduction to SRA regulation of licensed bodies (ABS)
Helen Carr

Today’s session will cover:
• The Solicitors Regulation Authority (SRA) and its style of regulation
• Key aspects of SRA c...

Legal Services Act 2007
• Allows non-lawyers to own and invest in law firms (ABS)
• Sets out the legal framework for ABS
•...

Other relevant legislation
• Solicitors Act 1974
• Administration of Justice Act 1985
• Courts and Legal Services Act 1990...

The Solicitors Regulation Authority (SRA)
“Our purpose is to protect the public by ensuring that solicitors meet
high stan...

Variety of roles:
• Authorises entities as recognised bodies (traditional law firms) and
as licensed bodies (ABS)
• Issues...

Risk based regulation
“A vital activity that the SRA undertakes, as a risk-based regulator, is the
identification of risks...

Risk Outlook
“The Risk Outlook provides an overview of risks to protect people who
use legal services, the operation of th...

“The purpose of the Risk Outlook is to
• set out our position on risk in the legal services market
• show the priorities t...

Priority Risks
1. Investment schemes
2. Lack of access to legal services
3. Standards of service and considering vulnerabi...

SRA Handbook 2011
“This will bring together all the SRA‘s regulatory requirements into a
single, coherent structure that u...

SRA Handbook 2011
• Launched 6 October 2011 – now on version 18
• Applies to:
• The authorised body (i.e. the law firm or ...

SRA Principles
“The Principles embody the key ethical requirements on firms and individuals who
are involved in the provis...

The ten Principles
1. Integrity
2. Independence
3. Act in the best interests of each client
4. Provide a proper standard o...

SRA Code of Conduct 2011
The Code is divided into 5 sections:
1. You and your client
2. You and your business
3. You and y...

SRA Code of Conduct
• 1st section: You and your client
• Chapter 1 Client care
• Chapter 2 Equality and diversity
• Chapte...

• 2nd section: You and your business
• Chapter 7 Management of your business
• Chapter 8 Publicity
• Chapter 9 Fee sharing...

• 3rd section: You and your regulator
• Chapter 10 You and your regulator
Jonathon Bray Legal Services Limited

• 4th section: You and others
• Chapter 11 Relations with third parties
• Chapter 12 Separate businesses
Jonathon Bray Leg...

• 5th section: Application, waivers and interpretation
• Chapter 13 Application and waivers provisions
• Chapter 13A Pract...

SRA Accounts Rules 2011
• Purpose of the rules is to keep clients’ money safe
• Failure to comply with these Rules is key ...

SRA Authorisation Rules 2011
• Key requirements to obtain and retain authorisation
• Regulatory foundation for key roles:
...

Compliance Officer for Legal Practice (COLP)
• The COLP of an authorised body must:
• Ensure compliance with terms of auth...

Compliance Officer for Finance and Administration (COFA)
• The COFA of an authorised body must:
• Ensure compliance with S...

Register of breaches
• Authorisation Rules require COLP and COFA to keep a register of all
breaches which occur, and to re...

Material breaches
• Not defined in the SRA Handbook
• Handbook guidance suggests consideration of the following:
• The det...

Risk Register
• Important document to evidence compliance with the Principles, the
management sections of the SRA Code, an...

Questions
Jonathon Bray Legal Services Limited

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