The Solicitors Regulation Authority (SRA) in England and Wales has appointed Sarah Rapson as its next CEO as the organisation seeks to start afresh from a wave of criticism over its handling of two high-profile law firm collapses in the past two years. 

Rapson will replace Paul Philip, who is retiring later this year after more than a decade in the role. 

She is currently executive director of supervision at the Financial Reporting Council, which is set to be replaced by the more powerful Audit, Reporting and Governance Authority following major corporate failures such as Carillion, although implementation has been repeatedly delayed.

Rapson will take up her new CEO role “towards the end of 2025”, where she will lead the organisation through the final year of its current corporate strategy.

She joins the SRA at a time when the regulator has come under scrutiny for its oversight of Axiom Ince ahead of its collapse in 2023 amid allegations of fraud related to £66m of missing client funds. The SRA has also received criticism for supervisory shortcomings following the collapse of Sheffield-based claims firm SSB Law in January 2024.

Anna Bradley, SRA board chair, said: “Sarah stood out in what was a strong field as someone who had the right skills and knowledge to take the SRA to the next level. She has the broad and deep regulatory, policy and management experience to help her guide us through an increasingly challenging environment. I look forward to working with her.”

Prior to her current role at the Financial Reporting Council, she spent five years as director of authorisations at the UK Financial Conduct Authority and more than a decade in government, including a spell as director general for UK visa and immigration at the Home Office. Before moving into public service, she held roles at American Express, Barclays and Woolwich Building Society.

She said: “I’m honoured to be asked to lead the SRA at such a pivotal moment for the legal sector. As we enter a new chapter, we’ll continue to navigate the opportunities and challenges brought by emerging technologies and evolving ways of working.

“The public rightly expects legal professionals to uphold the highest standards of integrity and competence. I look forward to working closely with the profession, colleagues across the SRA and with other regulators to ensure those standards are met – and to intervene appropriately where they are not.”

Philip, meanwhile, announced his intention to step down earlier this year, ending a 12-year tenure at the SRA.

Bradley said: “Paul Philip has led the organisation with purpose over the past 12 years. The board thanks him for his leadership in responding to a changing professional landscape. His work has strengthened public protection and reshaped our approach.”

Commenting on Rapson’s appointment, Law Society of England and Wales CEO Ian Jeffery said: “I would like to extend my congratulations to Sarah as she joins the SRA at a critical time in its history. Restoring consumer and solicitors’ trust and confidence in the regulator following a challenging period, which has seen the collapse of Axiom Ince and SSB Law, will be vital. I look forward to working with Sarah as she starts in her new role later this year.” 

Last month, the Legal Services Board took unprecedented enforcement action against the SRA, ordering it to improve its processes in response to the collapse of Axiom Ince.

The legally binding directions, issued under the Legal Services Act, require the SRA to improve how it identifies consumer risk and become more proactive in responding to such risks. This includes risks related to the corporate structuring of law firm mergers and acquisitions.

Earlier this year, the SRA called for greater resources to tackle increases in investigative work amid a rise in reports of solicitor misconduct. It proposed a budget increase of 23% for the 2025/26 financial year to £86.5m.