1. A new approach to regulating small firms

2. Small firms – One size doesn’t fit all
Small firms account for c. 34% of our (non-ABS) regulated community
For us sole practitioners and small firms are a key focus; over the last few months we’ve been asking:
What are the issues for sole practitioners and small firms and how do we work together to address these?
What does proportionate regulation of a small firm look like in practice?
How can we most effectively support small firms to comply with regulation?

3. Your feedback...
Need more advice about setting up / closing down (and financial issues generally)
Issues engaging with Supervision and accessing advice
A lack of information about key processes and decisions
General issues with the SRA Handbook
Some Authorisation processes are difficult and take too long
Don’t have time for SRA visits and see them as a threat
Concerns about the volume of SRA updates
Supervision processes take too long

4. Small changes…a big difference? Discussion document
Working on ways to better support small firms to comply with regulation
Building on our successful Regulatory Management model for the largest firms
We’ve developed a range of proposals that aim to begin to tackle some of the issues that have been raised.
Now we’d like your thoughts on our initiatives…..

5. Small changes…a big difference? Progress to date...
Changes to Accountants Reports requirements (started 31 October)
Residual client account balances (started 31 October)
Improved Authorisation processing times
Improved ongoing communication on regulatory matters
Training for tomorrow work programme (current consultation)
Speeding up our investigation processes

6. Small changes…a big difference? Launching today
A section of the SRA website for sole practitioners and small firms
‘Regulatory starter packs’ for new firms
Webinars focused on issues affecting sole practitioners and small firms
A new option on the Professional Ethics Helpline for small firms and sole practitioners
The establishment of virtual small firms reference groups
A demand led, opt-in e-newsletter/invitation to feed back

7. Small changes…a big difference? Further ideas
Introduction of a lifetime authorisation for sole practitioners within the Practising Certificate Renewals Exercise
A review of the authorisation process for compliance officers in small firms
Creation of a dedicated Small Firms Team within Supervision
Continued review of professional indemnity insurance arrangements
A review of the SRA Handbook - with a view reduce regulatory burdens

8. Discussion points
Are there any further changes to our architecture we should be looking at?
Are there any further operational changes we should look at?
What sort of issues should we cover in our webinars to support small firms?
Can we do more to improve the way in which we communicate to small firms?
15 minute discussion followed by feedback from each table

9. What next…
By April 2015 we will publish a paper summarising the progress on the measures we have described, the feedback to this discussion paper, and details of any further steps that we will take as a result.
We will survey small firms in late 2015 to evaluate our progress.
Please respond to the discussion paper – closes for responses in February 2015
Any other comments/suggestions –