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@Anonymous1 March 2016 10:12 pm:

"......Either this will all come as an unforeseen shock to the SRA who will only intervene once it is too late or, the SRA will be paralysed with fear at the prospect of such a large entity failing whilst under their regulation.

The SRA's costs for such a massive intervention when it comes will wipe out the £80m in the Compensation Fund resulting in the SRA then attempting to charge a levy with future PC fees.

I dread to think how S&G's PII insurers, who will have to provide run-off cover and pay out gazillions in claims without being able to collect any premium, will seek to recoup their losses. Does anybody know the identity of S&G's PII insurers? ...."

For my opinion:

1. I suspect the SRA cannot act. They can only bully proper High Street Solicitors providing services to the public (giving the verisimilitude that they are 'regulators').

2. They do not have other the person-power or resources just move in.

3. If they do they will not be able to pay out of the Solicitors Compensation Fund anyway.

4. The FCA, being proper regulators and the various Insurance and Banking Professional bodies will simply wash their hands (of al the Claims Handling elements / non legal aspects / insurance aspects of the practice).

5. And in doing so they will place the baby in the SRA's hands.

6. And don't think either Solicitors or Barristers are going to get any sympathy from HM Govt. - or anything like the £3-500 bn QE the Banks and Insurers have had ...