Only urgent action from the Solicitors Regulation Authority’s leadership will restore the profession’s trust in its regulator, the Law Society’s chief executive said this week. Ian Jeffery was commenting following the release of the Legal Services Board’s annual performance assessment of frontline regulators, including a damning verdict on the SRA.

‘The SRA has been found to be lacking in its performance,’ Jeffery said. He accused the regulator of neglecting the risks of so-called ‘accumulator firms’ such as the collapsed Axiom Ince while it focused on increasing its fining powers and proposing regulatory expansion.

‘The SRA should refocus on its core responsibilities and significantly improve its approach to risk management following the failings identified in the [LSB’s] Axiom Ince review,’ he said.

The Society also backed the LSB’s recommendation for more transparency about the performance of Solicitors Qualifying Examination training providers.

Jeffery said: ‘We welcome the LSB’s commitment to reflect on its approach to oversight, with a sharper focus on poor performance and ensuring that regulators identify and take actions to provide the necessary assurance.’