The Solicitors Regulation Authority (SRA) has apologised for failures in its oversight of SSB Law and is set to be censured for them by the Legal Services Board (LSB).

The long-awaited independent review commissioned by the LSB said the SRA “missed opportunities” to step in earlier than it did in October 2023, having received the first complaints about the Sheffield firm’s handling of cavity wall insultation (CWI) claims in June 2020.

In April 2023, an SRA investigation concluded SSB was financially stable, despite several indications that it was actually “in dire financial straits”, such as it owing £128m to litigation funders at high interest rates (one at 32% per annum over LIBOR).

From October, the SRA oversaw its closure and SSB finally collapsed into administration in January 2024

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