Regulatory Settlement Agreements
A Regulatory Settlement Agreement (RSA) is a solution offered by the SRA that brings a swift conclusion to an investigation and without the need for a full disciplinary hearing in front of the Solicitor’s Disciplinary Tribunal (SDT). As a result, the prospect of an RSA is tempting but also needs careful consideration.
An RSA is only available when there have been admissions of breaches, and the SRA regards the action it can take (as they have limited powers) for the breach to be appropriate, which is typically a rebuke, a warning or a fine under £25,000. Anything else will go to the SDT.
An RSA will conclude disciplinary proceedings in whole or in part, and the costs associated with this are significantly less that a full SDT hearing.
The SRA will agree to an RSA during the investigation process and will do so in circumstances where a firm or an individual agrees to the proposed sanctions or controls and may involve: –
- A rebuke.
- A fine of up to £25,000.
- Restriction(s) on a practising certificate.
- A control order.
- An undertaking to take remedial action.
An RSA is a voluntary arrangement entered into between the parties, and the outcome will likely be published.
All negotiations surrounding an RSA is made on a ‘without prejudice’ basis to protect both the SRA and the individual or firm. This also retains confidentiality around statements or admissions made through the negotiation process.
Entering into an RSA is attractive and a much more cost-effective resolution. It will resolve matters between the SRA and the firm or individual and will bring an end to the investigation process.
Proceeding with an RSA is not always straightforward and requires careful consideration.
Action – Co-operating with the SRA
It is essential to seek specialist guidance before making a self-report, at the commencement of an SRA investigation, or if you are considering or have already made a report to the SRA, which is likely to trigger an investigation.
If we believe a Regulatory Settlement Agreement can be obtained, we will guide on the action to take to ensure that the opportunity arises and can be taken. This is typically before the SRA finalise their decision and seek to proceed to the SDT.
There is a window of opportunity, but it is small, so early action is essential.
Subject to securing an agreement to proceed with an RSA, we will then work with you, and as necessary, liaise with the SRA to agree on the final terms of the Regulatory Settlement Agreement.
Find out more about our related services, which includes:
To contact us about an SRA self-report, SRA enquiry, investigation or SRA prosecution, please contact us on 0203 985 8550 or email us info@regulationandcomplianceoffice.co.uk.
Free Initial Enquiry
An initial enquiry is free and without obligation. We will provide you with a clear estimate of the expected costs so you will be fully aware of our services and support fees. We will time record our work and ensure you are fully updated at every step. We appreciate that costs will be a concern and will aim to minimise them wherever possible.
Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk