Following the transfer of the responsibility for regulating consumer credit work from the Office of Fair Trading to the FCA in April 2014, the SRA have drawn up proposals for the regulation of solicitors doing consumer credit work.
The proposals seek to enable solicitors to undertake certain consumer credit activities on the understanding that they are central to the legal services they provide. The SRA are also keen to ensure that law firms are not over-burdened with more rule sand that the client is still protected.
The SRA are seeking thoughts and opinions about this from across the sector and the consultation closes on 6 August 2015.
More detail can be found below: