Overview

In June, the SRA published a consultation paper entitled Outcomes-Focused Regulation: Transforming the SRA’s Regulation of Legal Services. The proposed changes to the regulation of solicitors, and in particular the SRA’s regulatory powers, will be achieved through the use of a completely new code of conduct with its focus on outcome as opposed to conduct.

The new code of conduct will require some adjustment. Although the emphasis is on simplicity, the rules will require guidance to help firms interpret the required regulatory approach. The implementation of the new regulation will result in firms that are compliant and those that are not. It is not clear, however, how this decision will be made and firms will be expected to provide a great deal of information to allow the SRA to form risk profiles for them

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