Legal oversight regulator’s arrangement processes are headed in the right direction
The Legal Services Board’s (LSB) proposed new rules and guidance for changes to regulatory arrangements are a significant improvement, the Law Society of England and Wales said today.
The oversight regulator is seeking views from the 10 approved legal services regulators on how they seek the LSB’s approval for alterations to their regulatory arrangements.
The draft regulatory arrangement rules and statutory guidance are intended to provide a clear framework for requirements for approved regulators and their regulatory bodies which are seeking the LSB’s approval of alterations to their regulatory arrangements.
Law Society president I. Stephanie Boyce said: “We are supportive of the new rules and guidance and believe that they will improve the quality of rule change applications.
“Requiring regulators to provide a robust cost-benefit analysis for any change proposals will further improve the quality of rule change applications, as the LSB will be able to ensure consistent evidence-based regulation of legal services, which has been lacking in the past.
“We have previously raised concerns with the LSB about a lack of supportive evidence and impact assessments in the rule change applications submitted to the oversight regulator.
“The new rules, however, show that the legal oversight regulator is improving these shortfalls to the benefit of the legal profession and all consumers of legal services.”
Regulatory arrangements include an approved regulator’s rules, regulations and arrangements which apply to regulated persons.
The Law Society is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.