A culture of complacency and arrogance has led to this crisis.
The Solicitors Regulation Authority's (SRA) handling of SSB Law is worse than Axiom Ince, with no justification for inaction.
There is no excuse here
In contrast to Axiom Ince, where the SRA faced a suspected complex fraud, SSB Law's red flags were visible and pointed out by dozens of people.
The SRA has apologized, unlike its response to Axiom Ince, where it challenged the report.
Author's summary: SSB scandal highlights SRA's complacency.