SRA Increase Spending on Disciplinary Processes

The Solicitors Regulation Authority (SRA) regulates solicitors in England and Wales. According to its latest annual report the SRA spent £16.5m on disciplinary processes in 2021/22, a £1.5m increase from 2019/20 (pre-covid). It should be noted that the SRA financial year runs from November to October.

What has the SRA increased spending on?

Increasing resources

The regulator reported that the majority of this increase in spend is because they have added more capacity to their investigation and supervision team resulting in a 10% spending increase from 2019/20 to 2021/22. The 2020/21 financial year was an outlier due to the pandemic and saw an unusually lower spend of £14.5m.

Other areas of spending

The SRA have said one area that has been given particular focus is the enforcement processes and how to conclude cases more efficiently.

The regulator has also been working on claims involving solicitor and firm conduct relating to bulk compensation claims. Of these, many relate to faulty cavity wall insulation, car finance claims and packaged bank account claims.

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