The collapse of law firms Axiom Ince and SSB Group demonstrate the need for the Legal Services Board (LSB) to strengthen its oversight of frontline regulators, Law Society president Mark Evans said this week
Responding to a Ministry of Justice call for evidence, Evans said: ‘The LSB’s “light touch” assurance model adopted in 2022 is problematic as it relies on frontline regulators self-reporting... It has also led to the LSB forming an overall positive view of the Solicitors Regulation Authority’s regulatory abilities based on information provided to it by the SRA, all while major regulatory failures were taking place.’
