The Solicitors Regulation Authority (SRA) has not kicked changes to client account – and the interest solicitors earn on it – into the long grass, its chair warned solicitors yesterday.

Delegates at the regulator’s annual compliance conference in Birmingham also heard that it would be looking to take new powers to demand information from law firms.

Speaking at a plenary session together, chief executive Paul Philip – who retires next week – said “the key issue for me as I depart the organisation is this whole idea of holding client money.

“If solicitors didn’t hold client money, the cost of regulation would drop like a stone. There’s absolutely no doubt about it.

“The board has agreed that, although we’ll focus in the short term on delivering the Axiom directions [imposed by the Legal

See Full Page