The cost of regulation would “drop like a stone” if solicitors were not allowed to hold client money, the chief executive of the Solicitors Regulation Authority (SRA) said yesterday.
Viewers of a Legal Futures webinar on this issue also heard from a firm that operates a third-party managed account (TPMA) and does not have any accounts staff as a result.
The hour-long webinar can be watched on our YouTube channel or below.
The discussion, held in association with the SRA, was part of the regulator’s engagement with the profession as part of its consumer protection review, which is currently at the discussion stage.
The kinds of changes it could make range from incremental improvements in the SRA’s processes to radical reform of the regulatory framework. The webinar discussed the latter.
Mr Philip explained that, in light of Axiom Ince and jump of around 250% in the number of interventions the SRA has conducted in the last couple of years, “we do …