What is the SRA doing about ABSs at the moment?
• ABSs can’t be authorised by the SRA until it is a licensing authority. The SRA has applied (on behalf of the Law Society) to the LSB to become a licensing authority for the purpose of regulating ABSs. The LSB has approved the application and recommended the SRA’s designation as a licensing authority. A parliamentary process now needs to be followed to designate the SRA as a licensing authority. Secondary legislation will be needed to give the SRA the necessary powers. We expect to be designated as a Licensing Authority by the end of 2011. Did this answer your question?
