This is an update to the announcement of 21 January 2015 (see below)
The regulation of solicitors’ consumer credit work by the Financial Conduct Authority (FCA) has been postponed again. The FCA has agreed to the Solicitors Regulation Authority’s (SRA’s) request to extend the current transitional arrangements until 31 October 2015; they were due to run out on 1 April.
The Law Society remains concerned about the impact dual regulation would have had on both the public and the profession. It will continue to work with the SRA over the coming months as it considers the way ahead and will encourage the SRA and FCA to avoid costs and potential confusion by having the work of solicitors covered as far as possible by a single regulator.
21 January 2015
“We have had open, constructive and positive discussions with the FCA about how our differing models of regulation can work together to provide proportionate and effective protection. However, this is a complex and important area and we felt more time was needed to allow the options to be properly and thoroughly explored. The FCA has agreed, and we will continue to work closely with them.
“We will keep firms up to date with any changes that may affect them as and when we know.”