The SRA’s recently launched Consumer Protection Review (CPR) aims to explore what more the regulator, and individual firms, can do to ensure consumers and clients are protected from financial loss. The review was launched following the SRA’s intervention in the firm Axiom Ince, after some £60 million of client money being handled by the firm disappeared.

To mitigate the risks highlighted by this case, the SRA is considering several measures including tighter monitoring of how legal firms handle client funds and a review of the compensation scheme that’s currently in place for consumers who suffer loss.