SSB Collapse: Independent Review Findings
The Solicitors Regulation Authority (SRA) failed to respond adequately to over 100 consumer reports during the SSB Group collapse, according to an independent review by the Legal Services Board (LSB).
The review, commissioned in April 2024, examined the SRA's handling of events leading up to the collapse.
Within 12 months, two independent reviews found the SRA failed to act adequately in the cases of SSB Group and Axiom Ince.
The LSB, the oversight regulator for legal services in England and Wales, identified a lack of clear SRA leadership as a key factor in failing to protect consumers.
Author's summary: SRA failed to protect consumers due to inadequate leadership.