This consultation contains two proposals:
- removal of mandatory requirement that firms must submit an annual accountant’s report to the SRA.
- requiring COFAs to sign a declaration they are satisfied that the firm is managing client accounts in accordance with the SRA Account Rules.
The proposals are part of a programme of reforming the SRA regulatory regime to reduce unnecessary burdens and provide flexibility of approach to deliver good financial management.
Start—7 May 2014
End—18 June 2014
View the full consultation (at the time of preparing the JLD response)
The JLD, in principle, supports initiatives which are designed to reduce unnecessary regulatory burdens, and reduce costs for firms and clients alike. However, the JLD has a vested interest in preserving client confidence in the integrity of the legal profession and, as such, any deregulation should be proportionate to ensure adequate protection is provided to consumers where necessary.