SRA Monitoring, Inspections and Investigations

Are you concerned about how to respond to an SRA request for information,prepare for an audit or handle an investigation?

Legal Compliance Services guides you in all aspects of your interaction with the SRA. Our consultants have extensive experience gained at the SRA. They worked on the development of OFR and know how to interact effectively with the organisation. Legal Compliance Services helps with any SRA requests for information or explanations and prepare you for forthcoming SRA inspections.

The SRA Handbook 2011 requires firms to interact with the SRA more frequently and in a more detailed way than ever before. The SRA has greatly expanded the size of its supervision function. Ongoing focus on risk assessment and risk management is central to the SRA’s policy. There is now an unprecedented level of investigation into firms’ activities. ‘Thematic’ risks (such as referral arrangements) and specific categories of work (such as conveyancing) are being focused on. The regulator is keeping a close eye on firms it considers to be at risk of financial instability. There are also event-driven and random investigations.

The SRA is seeking to greatly increase the size of fines in can impose on firms.

There are wide-ranging reporting requirements – for example, any ‘material’ breaches of any part of the Handbook or related statutory obligations must be reported to the SRA as soon as possible, even minor breaches will need reporting annually.

It is vital that firms have the necessary expertise, systems and time to be able to cope with this increased interaction with the SRA.

Learn more about how we can help you ensure you fulfil your compliance obligations on an ongoing basis.