Legal Services Board approves SRA guidance enabling unlimited fines for economic crime
The Legal Services Board has approved the Solicitors Regulation Authority's amended fining guidance, letting it impose unlimited fines on solicitors and traditional law firms for economic crime without referring cases to the Solicitors Disciplinary Tribunal. The power comes from the Economic Crime and Corporate Transparency Act 2023, which removes the £25,000 cap for such misconduct starting on or after March 4, 2024. The LSB handled the application under its exemption procedure.