Big corporations can look after themselves, says SRA as it unveils fresh approach to regulation

Consumers of legal services do not all need the same level of protection and some of them, such as big corporations, might not need “any protection at all”, the Solicitors Regulation Authority (SRA) has said in a policy statement on its new approach to regulation.

As it launched four consultations yesterday, on indemnity insurance and the compensation fund, multi-disciplinary practices and accounting requirements, the SRA outlined what it sees as a less interventionist and more pragmatic approach to regulation.

The SRA said that “on balance, it might be in the public interest and provide a greater overall public benefit to set lower requirements [levels of consumer protection] at the cost of accepting that some individual clients will not be fully protected or compensated in every case.”

Read the full story at Legal Futures.

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