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SRA publishes guide to becoming an ABS

The Solicitors Regulation Authority has published a guide to help prospective owners of alternative business structures (ABS) understand what steps they will need to take to make a successful application for a licence to operate an ABS.

The short, easy-to-read guide is published on the SRA website at www.sra.org.uk/abs.

It includes information about which firms need to be authorised as ABS, essential requirements and details about the application process.

SRA Executive Director of Authorisation Mike Jeacock said: "The guide provides a useful summary and should provide prospective owners with valuable information to help them prepare their applications.

"Protecting the public is our first priority, so there will be a robust authorisation process to ensure that only those that meet all the criteria will be awarded a licence."

The Ministry of Justice has announced that it expects to designate the SRA as a licensing authority for ABS by the end of the year. Formal applications can be submitted once the SRA is designated, so it is likely to begin licensing ABS in early 2012.

 
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