Following today’s launch of the Solicitors Regulation Authority (SRA) consultation setting out the timetable for implementing Outcomes Focused Regulation (OFR), Law Society President Robert Heslett says:
“The concept of outcomes focused regulation may promise benefits for solicitors as well as consumers, but the detail of this type of regulation and how enforcement will fairly operate is critical to the reasonableness of the proposition. It is important that the solicitors’ profession feeds into what is a vital consultation.
“The Society will be working closely with the SRA and encouraging our members to respond to this consultation. Our aim is to help the SRA to establish a regulatory framework which benefits the public, treats solicitors fairly and simultaneously supports a healthy and diverse legal sector that delivers true access to justice.
“The Society does have some concerns about the very ambitious timetable for implementing outcomes focused regulation, the undisclosed cost of the proposals and the implications for the regulatory burden on firms, concerns we will raise in our response.”