The previous rules meant that the SRA could revoke or suspend a firm’s authorisation if it did not carry out the reserved activities it was authorised to do. As part of the agenda of reducing the regulatory burden on firms and promoting flexibility and innovation in the legal market, the SRA proposed removing this rule.
Nationwide ‘set to axe 600 jobs’
Nationwide Building Society is expected to axe 600 jobs following its takeover of Virgin Money, according to reports.