The Solicitors Regulation Authority (SRA) yesterday announced its future priorities, and published a model for assessing risks to its regulatory objectives.
The announcements took place at the free ‘Driving forward regulatory change: the next three years’ event in central Birmingham yesterday (Friday 14 December).
The event provided an insight into the SRA’s strategic thinking, including what they see as their future challenges and priorities.
Richard Collins, SRA Executive Director, said: “The Strategic Plan sets out the SRA’s priorities for the next three years, and provides a clear programme for the completion of the transformation of the SRA into a modern risk-based and outcomes-focused regulator.
“In addition, we are using the event to launch two new important consultations.”
The first consultation — the ‘Red Tape Initiative’ follows the confirmation of the SRA’s commitment to delivering outcomes focussed regulation.
The SRA is seeking feedback on how they can work with firms to maximise the benefits of OFR by removing unnecessary rules and processes which may have carried through from the old, rules-based approach to regulation.
The second consultation contains proposals on amendments to the Handbook relating to regulation of international practices of SRA regulated firms and the Green Paper consultation held earlier this year.