The Solicitors Regulation Authority of England and Wales is running a consultation on the wording of new rules being brought in to restrict excessive fees when claiming compensation for clients in cases of financial mis-selling. The consultation comes in the wakes of an obligation under the Financial Guidance and Claims Act 2018 to prevent excessive fees being charged in connection to the sale of financial products or services.

In 2021 a discussion paper set out a proposed approach which aligned any new rules to those of the Financial Conduct Authority. With the publishing of the FCA rules, the SRA is now consulting on theirs.

Responses need to be made by 21st June 2023.

Read more here.