Law Society Regulatory Performance Survey results
The Law Society has released the most recent survey results on solicitors’ experiences of regulation.
The survey showed that businesses are still struggling with the changing regulatory landscape, with many believing that the current regulatory regime place too greater burden on firms.
Firms did however see the SRA’s enforcement under outcomes-focused regulation (OFR) as an effective deterrent.
Antony Townsend, SRA Chief Executive, said: "The results of our own survey into the profession’s views, one year after the launch of OFR, suggested that complaints about regulatory burden and the cost of regulation could be attributed largely to the ‘one off’ costs and extra administration required by the change of regulatory approach.
“We believe that these will ease as OFR beds down, leading to a reduction in the burden for well-run firms.
"Nonetheless, we recognise the pressures upon firms, and we are committed to streamlining our processes and reducing costs wherever we can. Visible improvements have been made to both our approvals and authorisation processes and we shall continue to look at ways to simplify these further.”
The SRA’s research survey, OFR one year on, can be accessed here.