A typical PSU visit will last two days and it will look at a firm’s compliance with the Solicitors’ Code of Conduct, the Solicitors’ Accounts Rules, the Financial Services Rules, money laundering regulations and other regulations and laws to which practices are subject, including, for example, discrimination legislation.
The main regulatory function of the SRA is that of drafting, promoting, monitoring, and enforcing the various regulations which affect solicitors. This inevitably involves monitoring solicitors and their firms for compliance with the various rules, investigating firms where concerns exist or complaints have been made and, where appropriate, taking disciplinary proceedings against the firms in question.