The Legal Services Board (LSB) has recently published its independent report into the way that the Solicitors Regulation Authority (SRA) handled the collapse of the Axiom Ince law firm.

The Law Society has issued a media response which can be found here, highlighting that the report reveals a catalogue of errors and missed opportunities on the part of the SRA, and that by the time that the SRA finally acted, around £64 million had been taken from Axiom’s client accounts.

The LSB has confirmed that it will initiate its enforcement policy against the SRA, and will begin the process to set directions which, if imposed, would be aimed at requiring the SRA to make certain changes to better achieve its regulatory objectives.

You can view the SRA’s response to the LSB’s Review here.