Solicitors Regulation Authority reports mixed results in annual oversight

The Solicitors Regulation Authority (SRA) has released annual reports detailing a complex landscape of compliance and misconduct within the legal profession. Regarding anti-money laundering (AML) measures, the regulator reported a 10% decrease in non-compliant firms, with the proportion of non-compliant firms falling from 32.4% last year to 21.9% this year. The SRA conducted its largest-ever proactive AML supervision program, completing 966 assessments. Additionally, reports of potential money laundering breaches from professionals and consumers fell by 26% compared to the previous year.

However, other metrics indicate rising pressure on the regulator. Reports of misconduct concerning solicitors rose by 34%, totaling 15,914. The number of matters referred for investigation increased by 52% over the previous 12 months. While the SRA successfully reduced the number of cases open for more than 24 months, the surge in reports impacted its ability to meet certain timeliness targets. Enforcement activity also saw a significant increase, with the SRA issuing 176 fines totaling £6.7 million in 2024-25, including a record fine of nearly £4 million related to the collapsed Kingly Solicitors.