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Solicitors' call for reinforced ethical code

Published on 31 Mar 2010 under category: legal

A consultation called Freedom in Practice: Better Outcomes for Consumers has been launched by the Solicitors Regulation Authority (SRA), which could see the regulatory burden being shifted to firms with weaker governance records.

Firms with a history of good practice could gain more autonomy under what has been dubbed outcomes-focused regulation and be governed by clear ethical principles, rather than prescriptive standards, according to the SRA.

The two-part consultation comes ahead of the implementation of Alternative Business Structures next year, which will force firms to outsource parts of the legal process and receive foreign investment from outside non-lawyer companies.

Charles Plant, the chair of the body, said: "Under the new regime, the SRA's regulation will be targeted and risk based.

"We want to have a new and improved relationship with firms, proportionate and focused on the right result for clients.

"A free and flexible market will have an increased focus on consumer needs. Flexibility, not lower standards, will be the keynote. We will act flexibly in our regulatory dealings, reducing cost and improving effectiveness."

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