SRA publishes consumer credit toolkit
The Solicitors Regulation Authority (SRA) have published a consumer credit toolkit to help firms ensure the services they deliver are compliant with the new regulatory regime.
Under the new approach for law firm regulation, it is intended that most firms will not need to be regulated by both the SRA and the Financial Conduct Authority (FCA) – thus reducing the burden on firms whilst at the same time ensuring client protections are in place.
The new approach, which comes into effect on 1 April, will allow the SRA to carry out consumer credit regulation for firms if their work is an integral part of the legal services being provided, and the toolkit will help firms work through this and identify what the regulatory requirements are for them.
Some firms might still need to be regulated by the FCA, so all practices need to check if they need to apply for dual regulation.
Firms who wish to access the toolkit should go to the Regulation of consumer credit activities page on the SRA web site.