Closed Consultation
2. What principles will drive the SRA's development of its new regulatory framework?
8 August 2019
This consultation is now closed.
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Strategic principles
2.1
The Act requires the SRA to
"act in a way which is compatible with the regulatory objectives".
The regulatory objectives are as follows:
- protecting and promoting the public interest,
- supporting the constitutional principle of the rule of law,
- improving access to justice,
- protecting and promoting the interests of consumers,
- promoting competition in the provision of legal services,
- encouraging an independent, strong, diverse and effective legal profession,
- increasing public understanding of the citizen's legal rights and duties,
- promoting and maintaining adherence to professional principles.
Regulatory activities should also be transparent, accountable, proportionate, consistent and targeted.
2.2
The SRA's own strategy reflects the regulatory objectives and principles of good regulation. It contains the following key objectives that are relevant to the design of this new framework for practice:
- To set standards for organisations offering legal services
- To promote choice, innovation and accessibility in the provision of legal services through different types of business structure
2.3
Relevant strategic outcomes include
- ensuring that the resources required for the regulation of the profession are secured efficiently and fairly, and
- ensuring that there are no unnecessary barriers to competition, and that the requirements on practitioners and organisations, and any restrictions on the way in which legal services are provided, are only those necessary and proportionate to secure the regulatory objectives.
2.4
Key to the SRA's desire to become a more efficient and effective regulator is developing its ability to target regulatory action according to risk. Firm-based regulation provides the opportunity for us to gain relevant information about the firms that we regulate and so enables us to assess risk and target resources accordingly.
Design principles
2.5
From this, we have adopted some broad principles to drive our approach to the changes. We invite your views on whether these are appropriate and sufficient:
- We will adapt our regulations to enable the new forms of practice provided for in legislation, and will only impose restrictions, over and above those provided for in the Act, when necessary in the consumer and public interest.
- We recognise that the changes have the potential for a significant impact on business planning in firms. We will be as open as possible in planning for the changes and will consult with all interested parties.
- We will seek to introduce the changes in an evolutionary way, minimising unnecessary bureaucracy or burdens on the regulated community. If appropriate, "passporting" procedures will be used.
- If the new regulatory framework appears to create new burdens on firms, we will show why each new requirement is necessary and supports the development of risk-based regulation. We will, whenever possible, offset any increases in the regulatory burden in some areas with decreases in others.
- While seeking to make the necessary changes as soon as possible, we will only commit to timescales that we believe are achievable.
- We will develop simple and clear rules and regulations; processes and procedures will be streamlined and delivered by the effective use of IT with online processes.
- We will develop appropriate working relationships with other regulatory bodies, including information sharing, to provide the appropriate level of consumer protection.
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