On 19 January 2016, the Solicitors Regulation Authority (SRA) published a consumer credit toolkit to help firms ensure the services they deliver are compliant with the new regulatory regime.

The new regulatory regime comes into force on the 1 April 2016 and allows the SRA to carry out some consumer credit regulation for firms if their work is an integral part of the legal services being provided. It is possible that firms will still need to apply to the FCA and so firms should check whether they still need to apply for dual regulation.

It is envisaged that the toolkit will help firms work out what the regulatory requirements mean for them through guidance, case studies and questions and answers.