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The Solicitors Regulation Authority (SRA) is already in touch with AIM-listed alternative business structure Quindell, it has emerged. There has been widespread speculation about what action the SRA is taking over Quindell, whose share price has nose-dived in recent weeks.

The Solicitors Regulation Authority is proposing to cut further the number of law firms required to submit annual accountants’ reports, setting out a revised set of criteria for accountants to decide whether reports should be qualified.

The time taken between serious misconduct being reported to the Solicitors Regulation Authority and a referral to the Solicitors Disciplinary Tribunal is 550 days, the regulator has revealed in a new transparency push.

The Solicitors Regulation Authority has recently published a consultation paper on the regulation of consumer credit activities. There are three principal areas of concern: law firms undertaking debt collection and other work on behalf of clients under part 20; law firms giving clients time to pay their legal fees; and the SRA’s rationale for its proposal and what it perceives to be good for the consumer.

The number of reports of bogus law firms received by the Solicitors Regulation Authority in the first eight months of this year is up by over 20% on the same period last year, the regulator has said.