27 March 2024
The Law Society has spoken out against record fines issued against solicitors in recent months for compliance and anti-money laundering failings
The Solicitors Regulation Authority’s (SRA) fining powers for solicitors and law firms increased from £2,000 to £25,000 in July 2022.
Law Society president Nick Emmerson said: ‘The fines we have been seeing issued range from around £12,000 to £23,000.
‘We acknowledge that firms or individuals which have failed to follow their professional obligations, should face appropriate sanctions, but we remain seriously concerned about the SRA acting as investigator, prosecutor and judge. We maintain that the Solicitors Disciplinary Tribunal (SDT) remains the most suitable jurisdiction for more serious and complex matters.’
Last week, the Law Society published guidance on what to expect if investigated by the SRA and SDT.
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