11. Legal Services Board Places SRA Under Three Concurrent Enforcement Measures
The Legal Services Board issued a public statement on May 6, 2026 confirming the SRA is currently subject to three concurrent statutory enforcement measures — Directions (May 2025), a Performance Target (March 2026), and a Public Censure (March 2026) — described as exceptional in the history of legal services regulation.
BY FRONTIER DESK · JUNE 1, 2026 · 1 MIN READ
The Legal Services Board issued a public statement on May 6, 2026 confirming the SRA is currently subject to three concurrent statutory enforcement measures — Directions (May 2025), a Performance Target (March 2026), and a Public Censure (March 2026) — described as exceptional in the history of legal services regulation. The cumulative client money loss from the Axiom Ince and PM Law collapses now stands at approximately £100 million. The LSB has invoked formal information-gathering powers under section 55 of the Legal Services Act and asked the SRA Board to provide in-person assurance before end of May. An independent external audit of SRA compliance with Axiom Ince Directions is due by end of June. The LSB noted concern about the likelihood of further significant failures in the same class of case. The crisis has direct implications for the SRA's capacity to process ABS applications and progress innovation-enabling regulatory reforms.