New SRA Handbook

The Solicitors Regulation Authority (SRA) has published the latest version of its Handbook, which includes changes to the regulation of consumer credit work. Version 16 of the Handbook marks the beginning of a new regime for consumer credit. Transitional arrangements put in place by the Financial Conduct Authority have ended. Solicitor firms are now covered by SRA regulation as long as the consumer credit activities they carry out are central to the legal services they are provide. Version 16 also simplifies the process of approval for firms, removing the need to explain what reserved legal activities they carry out.