The remit of the Solicitors Regulation Authority (SRA) is to regulate the solicitors of England and Wales, including many of our conveyancing partners here at reallymoving. In May 2020 there were nearly 150,000 practising solicitors registered across both countries.
The SRA also has a duty to regulate the work of registered European lawyers and registered foreign lawyers.
In accordance with the regulatory objectives of the Legal Services Act – and the principles within these objectives – the SRA operates with a board made up of nine solicitors and seven lay members who are employed to oversee day-to-day work.
The SRA Board is also assisted by the authorities’ eight committees and groups, with the organisation of 600 employees located across its three sites in Leamington Spa, Redditch and London.
The purpose of the SRA
The two primary aims of the SRA are:
- Protect the public, ensuring solicitors maintain high standards
- Ensure solicitors act in the interest of our consumers when risks are identified. Prior to January 2007, the SRA was known as the Law Society Regulation Board. The SRA is an independent regulatory body of the Law Society of England and Wales and consequently operates within the objectives framework of the Legal Services Act 2007.
New SRA Handbook
The basis of the new SRA handbook is based around ten mandatory Principles. These apply to all solicitors and firms regulated by the SRA and everybody who works within them. This includes owners who may not be lawyers themselves.
The ten Principles state solicitors and firms "must:
- Uphold the rule of law and the proper administration of justice
- Act with integrity
- Not allow your independence to be compromised
- Act in the best interests of each client
- Provide a proper standard of service to your clients
- Behave in a way that maintains the trust that the public places in you and in the provision of legal services
- Comply with your legal and regulatory obligations and deal with your regulators and ombudsmen in an open, timely and co-operative manner
- Run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles
- Run your business or carry out your role in the business in a way that encourages equality of opportunity and respect for diversity, and
- Protect client money and assets."
By reinforcing the professional standards expected of all property lawyers, we can ensure the solicitors within the reallymoving network act in the best interest of our customers at all times.
Updated August 2020