Wednesday, 19 April 2017
LSB responds to the CMA’s legal services market study
The Legal Services Board (LSB) today publishes its response to the Competition and Markets Authority’s (CMA) legal services market study.
In this response the LSB outlines how it will implement the recommendation directed to it.
Legal Services Board Chief Executive Neil Buckley said:
“The CMA’s study was undertaken because of long-standing concerns about the legal services market in England and Wales.
The LSB has long been clear that there is a need to increase competition in the market and a major part of achieving this will be to ensure there is better information available for consumers in relation to price, quality, redress and regulation. The conclusions reached by the CMA are in line with the LSB’s own.
We are encouraged by the collective goodwill and early progress made by the regulators since the report was published. The approach we are taking to deliver the CMA recommendation reflects this good start and we are keen to see this continue.
The LSB has an important oversight role in monitoring, engaging with and reporting publicly on the work of the regulators to improve market transparency. We are pleased to be able to play our part in this vital work to make the sector work better for consumers and the public more broadly.”
ENDS
For further information, please contact the LSB’s Communications Manager, Vincent McGovern (020 7271 0068).
Notes for editors:
- The LSB’s response to the recommendations of CMA report can be found here.
- The CMA’s recommendations to regulators can be found on pages 277 to 282 of the report.
- The CMA’s final report and recommendations and further information about the process can be found here.
- The LSB’s initial response, and subsequent comments, to the CMA regarding this study can be found here.
- The Legal Services Act 2007 (the Act) 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.
- 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 Chartered 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.
- As at 1 April 2016, the legal profession in England and Wales comprised 145,059 solicitors, 15,288 barristers, 6,848 chartered legal executives and 5,697 other individuals operating in other areas of the legal profession such as conveyancing. The UK legal sector turnover was £32 billion per annum (2015) which is up 23% in cash terms since 2012. For more information see here.