Law Society response to LSB actions against the SRA following Axiom Ince
29 May 2025
1 minute read
News
The Legal Services Board (LSB) has today (29 May) issued binding directions against the Solicitors Regulation Authority (SRA) after the £60m client money loss at Axiom Ince.
Law Society of England and Wales president Richard Atkinson said: “We welcome the LSB’s strong action to address the SRA’s failings following the collapse of Axiom Ince.
“The directions reflect the unanimous feedback from those consulted*, that the next steps must be clear, measurable and proportionate. Many also agreed there were failings identified in the independent report into the handling of Axiom Ince** and supported the firm action taken against the SRA.
“The decision by the LSB strikes the right balance between ensuring strong consumer protection while avoiding unnecessary regulatory burdens.
“The clear timelines and oversight framework will help ensure good progress is made towards restoring consumer trust and confidence in the regulator.
“As the LSB’s decision recognises, the Law Society had no direct connection to, nor involvement in, the events examined in the independent review of the SRA’s intervention into Axiom Ince.”
Notes to editor
*The lord chancellor, Lady Chief Justice, Competition and Markets Authority and Legal Services Consumer Panel.
The SRA must comply with the LSB’s directions within 12 months and provide a written report to the LSB on progress every three months.
Read the Law Society’s response to the independent review of the SRA’s handling of Axiom Ince.
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