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Can't see why the Law Society doesn't fight against this. It's clearly disadvtangeous to normal law firms who have to go through all the pain and bureaucracy of becoming a regulated entity. The scheme rewards dubious practices and uncertainty for members of the public in the name of 'innovation'.

Marshall Hall: BTW - Why would these companies need to apply to the SRA to hold any client money? What does this have to do with the SRA?

I'm guessing that the SRA would say should solicitors in a non-regulated firm be asking for money on account, clients could get confused that they are giving money to be held as per solicitors' rules, as opposed to a random company taking money on account. Just a guess though.