On 9 September 2015, the Solicitors Regulation Authority (SRA) announced that solicitors should be able to carry out certain consumer credit activities under SRA authorisation, provided they are central to the legal services they provide. This will mean that firms will not need to be regulated by the FCA for the purposes of providing such consumer credit activities but will still maintain client protections.

The SRA is due to publish guidance for firms on carrying out such consumer credit activities in the Autumn. It is envisaged that once both the Legal Services Board and the FCA approve the approach, the changes will take effect within the SRA Handbook from 1 April 2016.