SRA reveals another strategic plan

The Solicitors Regulation Authority (SRA) has unveiled its updated 2024/25 Business Plan, following Board approval. After consulting with stakeholders earlier in the year, the regulator incorporated feedback into its revised plan to address emerging risks within the legal sector. Stakeholders were largely supportive of the draft plan but encouraged the SRA to focus more on improving the availability of information for consumers, particularly around legal costs.

In response, the SRA has committed to further work in this area, emphasising that clear cost structures are essential to boosting trust in legal services. Research conducted with stakeholders and consumers supported this move, identifying transparency as key to confidence in the sector.

Additionally, the business plan outlines several other key initiatives for the coming year:

• Continuing work on the Consumer Protection Review, with a new consultation expected in autumn 2024.
• Investigating potential risks associated with bulk claims litigation, a developing area of concern.
• Enhancing risk identification and management practices through improved data use.

To execute these expanded priorities, the SRA acknowledges the need to make operational adjustments, including seeking efficiencies, reprioritising tasks, and possibly using financial reserves. These changes may impact future budgets and fees.

Paul Philip, SRA Chief Executive, emphasised the organisation’s focus on consumer welfare: "Consumers are at the heart of our strategy. We are moving swiftly to address feedback and new risks, ensuring effective public protection."

The business plan also includes ongoing efforts to improve the SRA’s investigation and enforcement processes, highlighting progress made in reducing the time taken to resolve cases.

The 2024/25 plan, which spans November 2024 to October 2025, marks the second year of the SRA’s current Corporate Strategy, centered on maintaining high professional standards, supporting legal tech innovation, and fostering proactive, risk-based regulation.