City lawyers attack SRA's 'instinct to overregulate'

The City of London Law Society said the Solicitors Regulation Authority's proposals show further evidence of its instinct to overregulate - and that they threaten to harm the sector.

In a response to the SRA consultation on consumer protection, the CLLS says that some of the regulator’s beliefs are based only on anecdotal evidence. The suggestion that third parties could manage client funds rather than law firms is dismissed as ‘unrealistic’. It effectively amounts to solicitors sub-contracting out the running of the client account, the CLLS states.