More than £60 million of client money went missing when Axiom Ince collapsed in October 2023. This analysis traces the SRA’s post-collapse consumer protection programme through its own consultation and response papers: the client money reforms now awaiting approval, the Compensation Fund decisions already taken, and the rules a client of a failed firm can rely on today.
The SRA’s failures in overseeing Axiom Ince have left the legal profession footing the bill for regulatory incompetence, with its leadership refusing to accept responsibility.
