The SRA is changing the way solicitors' practices are regulated.

Wholesale change will be coming shortly and it is essential that you and your firm are ready.

According to the SRA it is "essential that solicitors’ firms examine the way in which they run their own practice and those that work within it."

The SRA is moving from being a rules-based regulator, primarily responding reactively to individual rule breaches, to an outcomes focused, risk-based regulator.

This will include a sophisticated desk-based research and analysis capacity to assess potential risks to the regulatory outcomes and support the delivery of targeted proactive regulatory action; an approach to authorisation that is risk and evidence based, making sure that legal services are delivered by principled and competent firms and individuals; an approach to supervision which encourages firms and individuals to tackle the risks themselves.

This will allow the SRA to concentrate on those who can't, or won't put things right; The SRA intend to examine and assess potential risks to the regulatory outcomes, and risk-based approach to authorisation Authorisation and practising requirements

Authorisation is the process by which the SRA recognises and licenses an individual or firm to practise law. Authorisation and reauthorisation are important gateways for risk-based regulation. The SRA be taking a risk-based approach to authorisation and the process will become more rigorous and evidence based than at present, including a greater use by us of due diligence checks on individuals and firms.

Supervision is the risk-based oversight of the entire regulated community. The aim the SRA’s supervisory activity will be to continue to help firms improve standards, reduce risk for consumers and enhance the reputation of legal services providers.

The SRA’s approach will include a variety of methods such as risk-based visits, permanent and temporary relationships with the profession. Supervision will be tailored, taking into account such factors as the risk posed by the firm, size of the firm, the firm's approach to risk management.

Formal Investigations, Legal and Enforcement

The SRA’s objective is to ensure that serious breaches of the principles and outcomes are detected and rigorously enforced, including taking appropriate action against individuals, with the purpose of creating a credible deterrent to others.

The Outcomes Focus Regulation and Risk Management Webinar 3 CPD hours

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