Movement in the market: 33 prospective ABSs submit stage two applications

Published: 12/03/2012

The Solicitors Regulation Authority (SRA) has confirmed over 30 potential alternative business structures have completed its stage two application process.

One of the applicants is the financial services group, The Portal Group.

The Rochester-based company currently comprises of seven different business including an IFA firm specialising in pensions, an investment fund provider, a capital allowance reclaim business, two specialist claims management companies and a mortgage and secured loan brokerage.

It is now laying the foundations to add a personal injury practice to its repertoire, appointing one solicitor for launch.

The SRA, which has also received a further 92 first stage ABS applications, was hoping to approve its first alternative business structure by the end of February. With that deadline having passed, the industry continues to wait with bated breath for the first SRA licensed bodies to emerge.

Content correct at time of publication