SRA budget strained by rise in law firm interventions
The Solicitors Regulation Authority (SRA) has been forced to intervene in eight firms already this year to protect clients, as a result of financial issues, and predicts a total number of 30 interventions for 2013, with an estimated associated cost of about £1.3m. Chief Executive Antony Townsend has warned that the cost of dealing with financially unstable firms is putting a strain on the SRA budget.
SRA Executive Director Samantha Barrass says: “It would be better for all concerned if we could avoid these situations. For that, we rely on firms to look for help as soon as possible, such as talking to us through our supervision function or seeking other forms of assistance, such as professional advice or contacting their Law Society regional manager.”
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