Lexis®Library update: The Law Society President, Lubna Shuja, said: 'The SRA’s fining powers have been substantially increased in relation to traditional firms and individuals from £2,000 to £25,000. There appears to have been little evidence that a parallel increase in the Financial Conduct Authority fining powers—or the large fines they have applied— have aided the fight against financial crime.
'Therefore, we do not have confidence that increased fining powers for the SRA would have a significant enough impact on the fight against economic crime to warrant the additional burden of regulation. We are concerned about the impact of the proposed additional powers on our members and we urge the government to carefully consider the proportionality of additional regulation.'
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 14 October 2022 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
