SRA Handbook reaches version 16
With a new rulebook consultation scheduled for the summer, the SRA has published the latest (but probably not final) version of the Handbook, which includes changes to the regulation of consumer credit work.
Nw at version 16, the new Handbook sets out the new regime for consumer credit. Transitional arrangements put in place by the Financial Conduct Authority have ended. Solicitor firms are now covered by the new regulation as long as the consumer credit activities they carry out are central to the legal services they provide.
Firms carrying out consumer credit work that cannot rely on the SRA’s regulatory arrangements should have sought separate regulation from the FCA or stopped this activity.
The other change to version 16 of the Handbook involves simplifying the process of approval for firms. The rule requiring firms applying for authorisation to explain what reserved legal activities they will be carrying out has been removed. That will make it easier for new firms to obtain authorisation, and support flexible business models.
The new version of the handbook can be found at www.sra.org.uk/handbook