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Minister Jonathan Djanogly commends SRA's approach to regulatory reform

 From left to right: Charles Plant, Chair, SRA Board; Jonathan Djanogly, Parliamentary Under-secretary of State (Ministry of Justice), and Antony Townsend, SRA Chief Executive.

From left to right: Charles Plant, Chair, SRA Board; Jonathan Djanogly, Parliamentary Under-secretary of State (Ministry of Justice), and Antony Townsend, SRA Chief Executive.

At a stakeholder reception to mark the launch of Outcomes-focused regulation (OFR) and the new Handbook, on 6 October 2011, Justice Minister Jonathan Djanogly expressed his genuine excitement "at the steps [you have all] taken to put in motion a framework for the legal services market that is innovative and forward looking."

The reception was held at the Solicitors Regulation Authority's (SRA's) London offices, to an invited audience of key stakeholders from the legal profession, other regulators, and interest groups, who had worked alongside the SRA to make OFR a reality.

The Minister went on to emphasise that "appropriate regulation that focuses on the right 'outcome' is in the interest of those involved and indeed what we mark here today with the SRA's new rules framework."

Prior to attending the SRA reception, the Minister had met with the Legal Services Board (LSB) and the Council for Licensed Conveyancers (CLC) to recognise the CLC's ability to be the first licensing authority for Alternative Business Structures (ABS).

He added: "Alternative Business Structures - and Outcomes-focused regulation - are prime examples of how we are rising to the challenge of innovation and deregulation. Today marks a change from the past and rightly so."

He added that he hoped to see some of the first ABS firms authorised by the SRA at the start of next year.

He concluded by saying: "The SRA is very much leading the way in creating a regulatory model that allows you as professionals flexibility, independence and growth, while also ensuring that the consumers you serve can continue to expect top notch advice and services."

 

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