What hope for outcomes focused regulation? Michael Garson reports
Every month seems to bring another change; each headlined as more important than the last. So how might outcomes focused regulation (OFR) turn out to be any different? Clients will still demand excellent service, pricing will remain competitive, new challenges will arise and the same old issues will cause tension and friction from time to time. If the Solicitors Regulation Authority (SRA) only features in your life cycle at work once a year for renewal of professional indemnity, client account audit and practicing certificates, then will it be any different after October 2011?
The answer might be that for an overwhelming majority little would be different—at least on the surface, even though more of your time and resource could be involved in a more intrusive process of reporting that demands more systematic policies and supervision. It could be that the same 10% of firms that have problems with the regulatory arm now, will continue to have difficulties to overcome in the future. Alternatively, it
