The Legal Services Board (LSB) is partnering with Belfast law firm Carson McDowell to review the regulatory intervention into Axiom Ince
LSB general counsel Danielle Viall set out the scope of the review in a letter last week to the Solicitors Regulation Authority (SRA).
It will consider steps or action taken, or not, by the SRA in the period before intervention, the adequacy of the SRA’s supervision, the SRA’s policies and procedures regarding ‘accumulator firms’, the manner in which the SRA determines high-risk firms and transactions, and its oversight of higher-risk firms and transactions.
Viall said she anticipated a ‘rapid review’ with the report published in spring 2024.
The SRA closed the firm in October after suspending three directors in August 2023 amid reports £60m was missing from client accounts.
