Clare Hughes-Williams & Tom Bedford examine concerns about the Solicitors Regulation Authority’s increasing powers on SLAPPs & economic crime
- The Solicitors Regulation Authority has indicated its intention to crack down on economic crime and strategic litigation against public participation (SLAPPs), with the penalties for transgressions looking set to increase.
- The legal profession will need to find a way to balance client interests with its duties under the code of conduct.
The Solicitors Regulation Authority (SRA) already has wide ranging powers which it uses to regulate the profession and, in extreme cases, to close law firms.
Until last year, the maximum fine that the SRA could impose without referring a case to the Solicitors Disciplinary Tribunal (SDT) was capped at £2,000. In July 2022, the cap increased to £25,000 and may rise further when the Economic Crime and Corporate Transparency Bill is introduced.
Two critical areas of focus for the SRA are anti-money laundering and the prevention of economic crime generally, and strategic litigation against public participation, or SLAPPs.
SLAPPS attack
The SRA issued a warning notice
