Payments to cover the costs of the Solicitors Regulation Authority will fall slightly next year, as the regulator reduces contributions to the compensation fund.

A business plan published by the SRA today proposes that the practising certificate fee will rise from £145 to £151 in 2022/23. But that will be accompanied by individual contributions to the compensation fund – the pot for compensating clients who suffer at the hands of dishonest solicitors – falling from £40 to £30. 

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Philip strives to make the SRA ‘as efficient and effective as possible'

Each firm’s contribution will also come down from £760 to £690.

Paul Philip, chief executive, said: ‘Our plan focuses on making sure we are as efficient and effective as possible in protecting the public, maintaining standards and improving access to legal services for all.'

The SRA has opened a consultation on its plans for the next year, in which the organisation states that its anti-money laundering work will remain a ‘high priority’. This includes a commitment to expand the number of firm inspections to ensure compliance with AML rules.

 

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