SRA to stop regulating insolvency practitioners

SRA to stop regulating insolvency practitioners

The Board of the Solicitors Regulation Authority (SRA) has announced that as of 1 November 2015 the SRA will no longer regulate solicitors who act as insolvency practitioners.

The SRA have taken the view that insolvency work is not central to the work of a solicitor and that consumers would be better protected if the 129 solicitors operating as insolvency practitioners were regulated by those organisations identified by the Insolvency Service.

Although opposed by insolvency practitioners themselves, the SRA will now apply to the Legal Services Board (LSB) to revoke the Insolvency Practice Rules 2012 and to amend the necessary regulatory arrangements. If it agrees with the proposal, the Insolvency Service will lay an order before the Secretary of State for the Law Society’s Recognised Professional Body status to be removed.

The SRA is contacting solicitor insolvency practitioners to inform them of the decision.

Terms and Conditions | Site Map | Privacy and Cookies

Copyright © 2017 Richard Nelson LLP and Murdochs. All rights reserved.
The Lawyers Defence Group is operated by Richard Nelson LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and whose partnership number is OC357136 and Murdochs Solicitors, who are also authorised and regulated by the Solicitors Regulation Authority, and whose SRA number is 52683.
Please note that all advice, guidance, representation and assistance, legal or otherwise, is provided either by those firms or by appropriate referral to other suitably qualified persons. No advice, guidance, assistance, representation or other support is provided by or in the name of the Lawyers Defence Group.
For further details please refer to the terms and conditions for use of this web site and to the terms and conditions of the firms involved.
The professional rules governing our lawyers can be found at rules.sra.org.uk