Outcomes focused regulation (OFR) is now upon us but to a large degree it still remains shrouded in mystery. Information from the Solicitors Regulation Authority (SRA) is patchy.

Many solicitors may have dipped into OFR and the new SRA Handbook, if only to dip straight back out again. Some, particularly potential compliance officers (reluctant or otherwise), may have immersed themselves deeper and may be apprehensive.

Uncertainties and mixed messages are emerging about outcomes and indicative behaviours (IBs). There are concerns surfacing about the SRA’s expectations and how it will actually deal with OFR in practice.

The SRA itself is changing its internal processes. It intends to “risk rate” firms, although there is a lack of clarity on how it might achieve this.

The SRA intends to achieve “constructive engagement and credible deterrence”. However, there is a blurring of the edges between when a supervisory or an enforcement orientated approach might be employed. The SRA does not equate OFR with light touch regulation and it will enforce the Handbook where firms cannot or will not comply with their responsibilities, including the responsibility to have systems in place.

One thing is clear. There has been a major shift in focus towards law firms’ own internal systems to monitor, identify and respond to risk and failures in compliance. If compliance officers are required to report compliance failures to the SRA, are firms’ internal reporting capabilities and lines of communication fit for purpose to enable this to happen? The following suite of one hour webinars will assist firms and their compliance officers to consider their responsibilities and plan for compliance.

We have put together a suite of webinars that will ensure that you are ready to face this change with confidence

For more details click here