While the UK benefits from its status as a global hub for financial services, issues that pose a significant threat to the UK‘s competitiveness in global financial services included: uncertainty in regulatory outlook; an aggressive regulatory attitude; uncertainty around taxation; a relative deterioration in access to talent and skills; capacity constraints in physical infrastructure; and increased competition from other financial centres.
In an SRA survey of 1000 firms published in February 2013 to determine their current feelings and experience around compliance, the respondents estimated that just under a fifth of a COLP and COFA time will be spent on matters relating to ‘compliance with the SRA’s regulation’ as opposed to other fee earning or business activities.
English Common Law is the most widespread legal system across the world governing 30% of the world‘s population and providing the basis for 27% of the 320 global legal jurisdictions.
Both regulated and unregulated providers competed in a UK Legal Services market worth £26.8bn in 2011.
In an SRA survey of 1000 firms published in February 2013 to determine their current feelings and experience around compliance, only 51% of respondents ‘strongly agreed’ or ‘agreed’ that ‘OFR makes it clear what outcomes the SRA expects to be delivered.