SRA Announce Price Transparency Date and Digital Badge
The Solicitors Regulation Authority (SRA) have just released their official dates for price transparency and confirmation of the use of their new digital badge.
Remaining consistent with the date agreed by the Council for Licensed Conveyancers (CLC), the SRA will also enforce price and service transparency from December 6th.
Additionally, firms will also need to ensure that all complaints procedures are published clearly on a firm’s website.
In conjunction with the clear complaint procedure, firms will also be encouraged to use the digital SRA badge that will provide personalised information and confirm that the company is regulated by the SRA.
Although the badge is not yet a compulsory regulation, firms will need to display the badge by Spring 2019.
Paul Philip, SRA Chief Executive, said: “Publishing information on price, services, and protections will not only benefit the public but will also help law firms win new business. Research shows that people struggle to find clear information about the services firms offer and think using a solicitor is more expensive than it actually is.
“We are providing guidance and support for firms to help them meet the new requirements and make the most of the opportunities they bring.”
It seems as though the road to price transparency has been long and drawn out. Following the Competition and Market Authority’s (CMA) 2016 recommendations regarding price transparency, the SRA released their official announcement in June 2018 that was approved by the Legal Services Board in August.
Since then the SRA have published guidance on how a firm can become compliant and transparent. This has then been updated with templates for publishing complaints procedures. Now that the SRA digital badge deadline has been announced, firms are fully aware of when and how they can make their business price and service transparent.
Is your firm ready for price transparency? Are your complaints procedures compliant with SRA regulations?