The Solicitors Regulation Authority (SRA) made 37 interventions—forcing a firm to close to protect its clients—last year, according to its annual review.
Of those interventions, 21 were made on the grounds of suspected dishonesty. Theft by solicitors was the main reason for payouts from the Compensation Fund—money stolen from estates accounted for £3.9m out of £10.3m total claims. Complaints from clients mainly concerned alleged incompetence, negligence and delays.
Taking unfair advantage of a non-client, and intentionally misleading the court were, respectively, the second and third most common complaints. The most reported issues from solicitors themselves is about bogus firms and identity theft.
The SRA is also working on guidance for law firms regarding new money laundering regulations announced by the Treasury, the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. It will publish the guidance ‘shortly’.
