Legal Services Board to review events preceding SRA’s intervention into Axiom Ince

The Legal Services Board (LSB) have confirmed that they are going to be conducting a review of events that lead up to the Solicitors Regulation Authority’s (SRA’s) intervention into Axiom Ince. 

The LSB have published their intention to undertake an independent review of the regulatory events that lead up to the SRA’s intervention into Axiom Ince.

The LSB have noted that this has been a significant case which had considerable consumer detriment. In the Board’s view:

“… it will be important for public and professional confidence that any learning can be identified with independence, and that any conclusions that may be drawn are based on an objective assessment of the facts.”

The full terms of reference of the LSB’s independent review will be published in January 2024, with the aim of a report on their findings sometime in spring 2024.

The LSB will be partnering with Carson McDowell when conducting the review. Carson McDowell is based in Northern Ireland, therefore not regulated by the SRA.

The LSB stated that they are “grateful to the SRA for making clear its intention to co-operate fully with this review”.

 Ian Jeffery, Chief Executive Office of the Law Society of England and Wales, commented;

“We welcome the Legal Services Board (LSB) carrying out an independent review of the events leading to the collapse of Axiom Ince and the SRA’s intervention to close the firm.

As the oversight body responsible for assessing and monitoring effective and transparent regulatory performance, the LSB has the necessary investigation and enforcement powers to ensure that the events and actions relating to this very serious incident are fully brought to light.

We stand ready to work with the LSB and, as appropriate, the SRA to ensure that all proper assurance is provided to the public and to our members.”