LSB sets out approach to overseeing regulation

26 April 2011

The LSB is today launching a new discussion paper setting out its approach to ensuring standards of regulation in the legal services sector.

The framework develops the four constituent parts of regulation, consulted upon in our draft Business Plan, against which standards of regulation and regulatory performance by the approved regulators should be assessed. These include ensuring an outcomes-driven approach, demonstrating a robust understanding of risks in the market, showing evidence of capacity to supervise individuals and entities, as well as ensuring an appropriate compliance and enforcement mechanism. The LSB is proposing that approved regulators self-assess against the standards and develop their own action plans to ensure that they have the capability and capacity to deliver them, with the LSB overseeing the process.