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The Legal Services Board has attacked the Solicitors Regulation Authority for having “over-engineered” its approach to regulating multi-disciplinary alternative business structures and to approving non-lawyer owners.

A solicitor involved in boiler-room scams has been suspended from practising for 18 months by the Solicitors Disciplinary Tribunal. He had already been found guilty by the then Financial Services Authority to have recklessly signed off the approval of 50 UK investment advertisements.

The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.

The Solicitors Regulation Authority has warned in-house solicitors that “attempts to mislead” debtors that external firms are taking steps against them could result in disciplinary action.

The Association of British Insurers has joined the chorus of criticism of the Solicitors Regulation Authority’s decision to cut the minimum level of professional indemnity insurance to £500,000. SRA consultees were opposed by nearly 3:1, it has also emerged.