Crafting Business Strategy for 2025-26 Growth
Dive into the comprehensive business plan and budget for 2025-26, outlining strategic initiatives, operational insights, and responses to evolving risks. Explore the consultation, investment in future technologies, cost-saving measures, budget breakdown, and the impact on practising certificate fees to ensure sustainable development and confidence in legal services.
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Presentation Transcript
Business plan and budget for 2025 26 Aileen Armstrong, Executive Director, Strategy, Innovation and External Affairs Liz Rosser, Executive Director, Operations and Resources
Our consultation Consulting on our 2025 26 Business Plan and budget Final year of 2023 26 Corporate Strategy period Supports mission: driving confidence and trust in legal services Consultation covers: planned workstreams proposed budget proposed practising certificate fee and proposed compensation fund contributions
Responding to shifting risks Period of rapid change since launching our strategy more large firm failures high-volume consumer claims market rise in reports (+20%) More we need to do rise in investigations (+40%) more varied and complex cases Further change anticipated (eg technology and AI)
Investing in the future Additional resource needed to respond to shifting risks: accelerating work to improve how we use data and intelligence to spot new risks (Risk and Data Programme) significant new programmes to respond to new challenges: client money, high-volume consumer claims and ethics responding to new issues as they arise
Keeping costs down Delivering efficiencies where we can Reprioritisation paused development of a safe testing environment for innovation and technology carrying out further work around data quality and our technical infrastructure
Our budget Each year we work to minimise any increase Last six years: kept our costs and fees down average of 2% increase per year of fees over that period Proposed amount being funded by practising certificate fees: increasing by 16.3m to 86.5m
Impact on practising certificate fee Key points Practising certificate fee: proposing an increase to our share from 164 to 190 Compensation fund: proposing a reduction to individual contributions from 90 to 70. Firm contributions down from 2,220 to 1,950 Overall individual fee rise of 6 an increase of 2.4% rise in practising certificate fee largely offset by a reduction in compensation fund contributions
Tell us your views Responses online: sra.org.uk/consultations Closing date: 19 June 2025 Further engagement planned Autumn 2025: publish final Business Plan and budget, our fees, and a summary of responses and feedback
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