The full terms of reference will be published in January, with the aim of reporting in spring 2024.
Welcoming the announcement, Law Society chief executive officer, Ian Jeffery said: ‘As the oversight body responsible for assessing and monitoring effective and transparent regulatory performance, the LSB has the necessary investigation and enforcement powers to ensure that the events and actions relating to this very serious incident are fully brought to light.
‘We stand ready to work with the LSB and, as appropriate, the SRA to ensure that all proper assurance is provided to the public and to our members.’
In November, the Serious Fraud Office arrested seven people and carried out dawn raids at nine sites, in connection with the collapse of Axiom.
The Solicitors Regulation Authority (SRA) intervened to close the firm in October 2023, after suspending former managing partner Pragnesh Modhwadia and two other directors. About £64m is reportedly missing from the firm’s client account.
Despite receiving £33m of Compensation Fund claims, the SRA reassured solicitors last month that they would not be subject to an extra levy to boost the fund. Instead, the SRA will prioritise claims.
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