Tue, 21 May 2013
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Optima reprimanded by the SRA over Capita investment
Optima first came into being in 2006 funded by Capita. This has been going on for four years now. As a direct result of Capita's non arms length investment Optima have now grown to what their ex CEO (who we now find to have been employed for the last four years by Capita as the CEO of their Legal Services Division - (although they don't actually own up to having a Legal Services Division in their annual report)) proudly boasts to be "the largest volume legal services operation in the UK".
Hubris! Presumably Optima must have been made to provide evidence to the SRA of their actual ability to repay the loan to satisfy them of their solvency otherwise we could have another Halliwells scenario on our hands. I am lead to believe that they are already making cutbacks and that they might not be taking any trainees on next year. This is third hand info and as such I can't vouch absolutely as to its veracity.
One thing though, this quote from Capita suggests that they might resume the money drip at a later point “Optima continues to be a successful business in which we’re comfortable to invest.”.....
Lets hope the SRA will be monitoring the situation carefully.
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