Here’s how the funding process works (sponsored content)
The Solicitors Regulation Authority (SRA) practising certificate renewal window is running from the 1st to 31st October.
If your firm is considering finance to spread the cost of practising certificate renewal fees, Shire Professions Finance’s funding process through mySRA will be available again this year.
Their funding portal has been developed since last year’s renewal to make applying for finance and tracking an application a more straightforward process. Here’s what you need to know before applying.
How the funding portal works
Once you have completed your practising certificate renewal application through your mySRA account, you can follow the funding application process through the portal. If approved, you can spread the cost over 10 monthly repayments rather than paying it in full at the point of renewal.
Shire Professions Finance arranges for the funds to be paid directly to the SRA, so you do not need to arrange this separately.
What has changed recently?
Shire Professions Finance has worked with the SRA and the Law Society to develop the funding process over successive renewal periods.
One of the main changes has been greater visibility of an application after you submit it.
You can track your application through the different stages of the process, including:
- Application submitted
- Application approved
- Details shared with the funder
- Funds paid to the SRA
You can access these updates through a unique link sent to the email address used for your application.
This means you can check the progress of your application without needing to contact the team for an update.
Craig Reid, Sales Director at Shire Professions Finance, said:
“Each year, we look at how we can make the renewal funding process simpler for firms. The portal has developed considerably over recent renewal periods, particularly around giving applicants greater visibility of their application.
The aim is to give firms a clear route from application through to payment to the SRA.”
Preparing for the renewal window
Before applying for finance, complete the relevant stages of your practising certificate renewal through mySRA so you know the total amount your firm needs to pay.
You can then decide whether to pay the fee from available cash or spread the cost over 10 monthly repayments.
Planning ahead can give you a clearer view of the cost and how you intend to manage it alongside your firm’s other financial commitments.
The SRA practising certificate funding portal will close on 30th November. Explore your funding options and eligibility before applying.
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