SRA Update
Issue 150 - May 2026
Welcome to the latest issue of SRA Update. In this issue, find extensive details on our proposed Business Plan and funding requirements for 2026/27, which highlights how it will set us on course to a modern, proportionate regulator that is effective and trusted. Also this month, have your say on both continuing competence requirements and also ethical standards, while those looking to stay on the roll have two weeks left to apply.
In announcing our draft business plan and funding requirements for 2026/27, Chief Executive Sarah Rapson said: 'We need to invest now to fix the SRA's foundations, strengthen its core operations, and build new capabilities for the future. We can't meet today's demands and achieve what is needed by doing more of the same.'
Read more about: SRA Chief Executive: 'We need to change how we work'
We are consulting on a programme of transformation to modernise how the SRA works. This includes prioritising operational excellence to strengthen how we operate; further developing the ability to proactively identify and address risk by shifting towards earlier engagement; and, being disciplined in where we direct attention and resources so we are focused on the issues posing the greatest harm to consumers.
Read more about: Bold and difficult choices outlined in new draft Business Plan
There are different ways to give your views on our draft Business Plan and funding requirement for 2026/27. The consultation includes key questions about our proposed work commitments, funding requirements, fees and compensation fund contributions. We will be running a series of engagement events throughout the consultation period as well as an opportunity to hear about the detail in an upcoming webinar. The consultation closes at midday on Monday 22 June 2026.
Read more about: Your views count – how to feedback on the draft Business Plan
Newly published figures illustrate the growing number of misconduct reports being made against solicitors. This sustained increase is placing significant pressure on our assessment and investigatory resources. Discover how, compared to the same period in 2023/24, the number of reports of potential conduct is up 58%, and number of resulting investigations is up over 40%.
Read more about: New figures show 58% rise in misconduct report
We are working closely with the Financial Conduct Authority, which has announced it is examining the root causes of poor practice across the claims market, including aggressive marketing, misleading advertising and unfair exit fees. If you work in this area, make sure you are familiar with the various guidance and warning notices we have published, and look out for further material coming soon.
Learn more about proposed new rules which will require all solicitors to keep a record of how you are reviewing and addressing your learning and development needs, and see the introduction of mandatory ethical discussion sessions for all, to be undertaken onnan annual basis.
Read more about: Still time to have your say on continuing competence changes
You can get more details on our proposed reforms to continuing competence requirements, and find out how you can have your say on them, by watching a recording of a Q&A webinar we recently ran on the subject.
Keeping your knowledge and skills up to date is a key part of maintaining your competence. Although the annual declaration may feel some way off, it is important to reflect regularly on your practice. You must identify any learning and development needs and keep a clear record of how you are addressing them. Our guidance and templates are there to help you throughout the year.
Read more about: Continuing competence: practical support to help you stay on track
Solicitors without a practising certificate need to tell us each year if they wish to remain on the roll. If that's you, then you will need to apply by Thursday 28 May and pay a £10 fee. Don't forget, you'll need to have an authentication app so you can access mySRA before you can apply.
Read more about: Just two weeks left to apply to remain on the roll
Join us in Bristol next month, where you will hear from industry experts, get practical tips and learn more about how innovation and technology, and especially AI, are reshaping the legal sector. Our SRA Innovate event is free-to-attend and provide you with lots of useful insights to take back into your day-to-day work.
Read more about: Last few places left at our free innovation and AI event – 2 June, Bristol
As we consider future approaches to how we support the legal sector in delivering and upholding ethical standards, we are keen to hear from you about your experience of applying ethics in practice. Throughout June, we will be holding a series of face-to-face and virtual focus groups for solicitors from a variety of backgrounds.
Welcome to the latest issue of Compliance News. In this issue, find details on our draft Business Plan and funding requirements for 2026/27. We also have new guidance on ending your retainer early following discussions at conference last year, while those engaging with HMRC on behalf of clients will have to register as tax advisers. There’s information too on the new general licences around financial sanctions.
Sometimes business with a client needs to end before you thought it would. You can do this if there is good reason to. The concept of a good reason is defined through case law. We have developed guidance to help you through what can be a challenging experience to make sure you remain compliant.
Read more about: Must read - new guidance on ending retainers
We are seeking views on our draft Business Plan and funding requirement for 2026/27. The new plan sets out what is required to fix our foundations, strengthen operations and build new capabilities – putting us in a stronger position for the future. You are invited to have your say and respond to the consultation.
Read more about: Consultation launched on next year’s draft Business Plan
Find out if new HMRC rules mean your firm needs to register those working for it as 'tax advisers'. On 18 May 2026, HMRC will introduce a requirement that anyone who interacts with HMRC on behalf of a client, which includes submission of Stamp Duty Land Tax calculations, must register as a tax adviser. The change will be subject to three-month transition period which will end in August.
Read more about: New HMRC rules on registering as a tax adviser
The government has published its approach to enforcing breaches of UK sanctions. The cross-government approach outlines key enforcement principles and the potential consequences of non-compliance. Find out what this means for compliance officers.
The Office of Financial Sanctions Implementation (OFSI) issued a new Legal Services General Licence which took effect on 28 April 2026. Find out more about how this impacts your firm.
This year’s anti-money laundering (AML) and sanction data collection will open at the end of June. This will cover activity under the AML regulations, sanctions and suspicious activity reporting. All firms that are open and practising will receive a questionnaire, although only those working in scope of the AML regulations will need to complete the relevant section. We will contact you directly with more information about what to expect and when ahead of this happening.
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