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FOR IMMEDIATE RELEASE
Monday, 30 November 2015

LSB welcomes government plans for consultation on reform of the legislative framework

Responding to the Government's statement today Sir Michael Pitt, Chairman of the Legal Services Board said:

"I welcome the government's intention to consult on reforming the legislative framework for the regulation of legal services. I am delighted that the proposals submitted to Ministers in conjunction with the eight legal services regulators in July have helped inform this important development.

I believe these proposals will lighten burdens on business and streamline regulatory processes, all in the interests of delivering better services for consumers while promoting competition, deregulation and economic growth.

As our work with the other regulators earlier this year showed, there is a strong case for fundamental reform of the regulatory framework in this sector. Lack of independence between regulators and representative bodies is slowing reforms that would otherwise benefit both the profession and consumers."

 

ENDS

For further information, please contact the LSB's Communications Manager, Vincent McGovern (020 7271 0068).

Notes for editors:

  1. The Government's further announcement to cut red tape, opening up markets to new and innovative businesses which includes plans to make legal services regulators independent can be found here.

  2. In July 2014, Ministers challenged the legal services regulators to seek further deregulation in the sector.

  3. On 20 July 2015 the LSB published the regulators' collective response to this challenge, which can be found here. This response included proposals for legislative changes that could be made within the current regulatory framework to reduce the burden of regulation and improve the efficiency of regulatory processes. These proposals were submitted to Ministers in June 2015.

  4. On 27 July 2015 the LSB published a paper entitled ‘Legislative Options beyond the Legal Services Act 2007’. This paper was the product of LSB-facilitated cross-regulator discussions, chaired by Professor Stephen Mayson.

    The cross-regulator discussions involved representatives of the Bar Standards Board, CILEx Regulation, the Costs Lawyer Standards Board, the Council for Licensed Conveyancers, the Institute for Chartered Accountants in England and Wales, the Intellectual Property Regulation Board, the Legal Services Board, the Master of the Faculties, and the Solicitors Regulation Authority

  5. The Legal Services Act 2007 created the LSB as a new regulator with responsibility for overseeing the regulation of legal services in England and Wales. The new regulatory regime became active on 1 January 2010.

  6. The LSB oversees nine approved regulators, which in turn regulate individual legal practitioners. The approved regulators, designated under Part 1 of Schedule 4 of the 2007 Act, are the Law Society, the Bar Council, the Master of the Faculties, the Chartered Institute of Legal Executives, the Council for Licensed Conveyancers, the Chartered Institute of Patent Attorneys, the Institute of Trade Mark Attorneys, the Association of Costs Lawyers and the Institute of Chartered Accountants in England and Wales.

    In addition, the Institute of Chartered Accountants of Scotland and the Association of Chartered Certified Accountants are listed as approved regulators in relation only to reserved probate activities.

  7. As at 1 April 2015, the legal profession comprised 142,109 solicitors, 326 alternative business structures, 15,237 barristers, 7,848 chartered legal executives and 5,678 other individuals operating in other areas of the legal profession such as conveyancing. The sector is valued at £25.49 billion per annum (total turnover in 2010).