The Solicitors Regulation Authority has received a formal censure for its handling of the collapse of SSB Law – just the second time such a sanction has been issued.
The Legal Services Board said the censure was necessary to reflect the seriousness of the failings identified in an independent report published last year, as well as the profound detriment suffered by consumers.
The only other time the LSB has taken such an approach came in 2018 when the Law Society was sanctioned for its non-compliance with the rules around separation with the SRA.
The solicitors' regulator has already accepted its failings on SSB Law and has outlined plans for performance targets to indicate whether it has improved its monitoring of firms that may present a risk.