Headlines:
- There is a new Solicitors Regulatory Authority (SRA) rule book being issued on 25th November 2019
- One of the main impacts is around due diligence on working with professional advisers and this presents a significant opportunity for those IFA firms that want to work with solicitors
- The key themes are around “Due Diligence” with a focus on transparency, price & service information
- The rules will focus on creating high professional standards and to ensure it is easier for the public to access legal services and easier for solicitors and IFA firms to do business
Why Are the SRA making changes?
- Too many individuals and small businesses struggle to access legal services, with only one in ten people using a solicitor or barrister when they have a legal problem
- A key reason for this is lack of information about legal services, making it difficult for people to make informed decisions and weakens competition within the market place
- The current handbook is over 400 pages long and is too complex
- Pages and pages of rules hinder rather than help compliance, it drives up costs rather than promoting good practice and consumer protection
Expert: Dave Seager, SIFA Ltd
