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News
SRA to visit over 50 high risk firms in personal injury and legal aid sectors
updated on 03 October 2013
The Solicitors Regulation Authority (SRA) is to visit at least 55 firms that it has identified as being at high risk of financial instability.
The decision stems from the SRA's survey of 1,300 firms operating in sectors such as legal aid and personal injury, which are deemed to be at risk. The Law Society Gazette reports that of the 1,100 firms that have responded to the survey, 495 are now on the SRA’s watch list, while some 55 are in more serious danger of becoming financially unstable.
Carol Westrop, the SRA's head of legal policy, said: "Parliament has given us interventionary [sic] powers and our contact with other regulators suggests that is sometimes the best way. But engagement through supervision has been effective so far. It has led to significant cost savings."
