While the Law Society welcomes the decision by the Solicitors Regulation Authority (SRA) and Financial Conduct Authority (FCA) to extend existing consumer credit arrangements, which means that solicitors do not have to register with two regulators until at least 31 October 2015, we remain concerned about the potential for dual regulation in the future which will increase costs to the public and the profession.

Law Society president Andrew Caplen said:

“The Law Society remains concerned about the impact dual regulation would have had on both the public and the profession. We will continue to work with the SRA over the coming months as it considers the way ahead and will encourage the SRA and FCA to avoid costs and potential confusion by having the work of solicitors covered as far as possible by a single regulator.”