Fraud: Land

(asked on 22nd April 2020) - View Source

Question to the Ministry of Justice:

To ask the Secretary of State for Justice, what assessment his Department has made of whether the Solicitors Regulation Authority is effectively meeting its regulatory objectives when compensating victims of land banking investment scams.


Answered by
Alex Chalk Portrait
Alex Chalk
Lord Chancellor and Secretary of State for Justice
This question was answered on 29th April 2020

Under the framework established by the Legal Services Act 2007, the legal profession in England and Wales, and the bodies that regulate it, are independent from government. It is the responsibility of the Legal Services Board (LSB), as oversight regulator, to ensure that the approved regulators are complying with the regulatory objectives set out in the 2007 Act. Their latest reports on regulatory performance are available online here https://www.legalservicesboard.org.uk/our-work/regulatory-performance#regulatory-performance-reports. The role of the Solicitors Regulation Authority (SRA) is as a regulator of solicitors. The SRA consulted between 21 January and 21 April on changes to its compensation fund. Details about the fund and this exercise are available online here https://www.sra.org.uk/sra/consultations/consultation-listing/access-legal-services/. Should the SRA proceed to change the rules of its compensation fund, it will firstly need to seek the approval of the LSB, and it will be matter for the LSB to determine whether or not to approve the new rules.

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