Legal Business

‘Bolder, pragmatic, more proactive’: Regulators bare teeth, but will they bite?

2024 started with uncharacteristically decisive action from the Solicitors Disciplinary Tribunal (SDT), when in January it issued its joint highest-ever fine against Clyde & Co, following a slew of anti-money laundering breaches. It was a bold move from the regulator, which in recent months has drawn criticism over its perceived lack of action during the collapse of Axiom Ince.

As the fallout from Axiom Ince continues, both the Solicitors Regulation Authority (SRA) and the Legal Service Board (LSB) have announced reviews into the handling of Axiom Ince in the run up to the SRA’s intervention. Both regulators have highlighted the need to centre consumer protection in their regulatory approach, as the scandal threatens to derail confidence in the profession.