The Solicitors Regulation Authority (SRA) has reported that the Legal Services Board (LSB) has approved its new approach for consumer credit regulation.

Under the new approach, the majority of firms will no longer be subject to regulation from both the FCA and the SRA.  Instead, the SRA will be allowed to regulate firms who carry out consumer credit activities if their work is an integral part of the legal services being provided.

Some firms will still need to be regulated by the FCA, so the SRA reminds firms to assess whether or not they need to apply for dual regulation before the changes come into effect on 1 April 2016.