City lawyers raise ‘overregulation’ fears over LSB’s enforcement action against SRA

The City of London Law Society (CLLS) has warned against the “overregulation” of legal services after the Legal Services Board (LSB) today took unprecedented enforcement action against the Solicitors Regulation Authority (SRA), ordering it to improve its processes in response to the collapse of Axiom Ince.

Iain Miller, a partner at Kingsley Napley and chair of the professional rules and regulation committee, said the action risked "the overregulation of the legal services market by imposing additional and disproportionate burdens on the SRA that will undermine the overall competitiveness of the legal services market, which is such a key engine of the UK economy".

He added: "It is regrettable that the LSB did not consult more widely before imposing its directions".