Law societies oppose proposed SRA litigation-funding requirements
The Law Society and Birmingham Law Society opposed new requirements proposed by the Solicitors Regulation Authority for firms using litigation funding, Legal Futures reported. The Legal Services Consumer Panel supported the proposals, including advance planning for orderly closure by certain firms handling consumer claims.
Key points
- The consultation launched in July, according to the report.Legal Futures
- Proposals included written statements to clients and lenders about independence, client interests and confidentiality.Legal Futures
- For consumer claims, the proposals included prescribed funding information, regulatory notification and retained risk assessments.Legal Futures
- The Law Society favored using existing rules, supervision and guidance before adding funding-specific obligations.Legal Futures