The regulator said it will update its draft Supervision and Enforcement Strategy for Conveyancing, re-visiting its first draft which was originally published in Q2 2011.
The SRA said its main focus will be on areas which can lead to financial loss, such as the holding of client money and the use of undertakings.
One area under consideration, for example, is whether it would be possible to amend elements of the underlying conveyancing process in order to reduce the extent to which firms need to hold client money and to enhance the safety of client funds.
The SRA said it has already visited 100 firms to look at the risks they face during conveyancing work. The feedback is currently being analysed.
Richard Collins, SRA executive director for policy, said: “We are undertaking a review that will give us better information on the risks firms face when conducting conveyancing work to ensure that the transaction they’re dealing with is genuine and above-board. We will aim to identify best practice to guard against risks and reduce the number of firms and clients who fall victim to such scams.”
The review will see the SRA work with partners such as the Law Society, the Council of Mortgage Lenders and the Land Registry.
David Gilman, partner in charge of broker-focused conveyancing provider, Blacks Connect, added: “Some law firms definitely need help improving their systems and processes to guard against fraud.
“Solicitor-related fraud is not always related to dishonest lawyers, it’s often the result of organised criminals using solicitors as fronts to commit their fraudulent transactions.
“But more rules don’t negate the need for brokers to also do their own checks and research on any law firms they are referring their clients to.”
