CLC first to apply to regulate ABS
The Council for Licensed Conveyancers (CLC) has become the first of the regulatory bodies to apply to the Legal Services Board (LSB) to regulate alternative business structures (ABS).
The CLC, which currently regulates approximately 10-15% of the residential conveyancing market already has some experience of regulating a form of ABS and, in preparation for making this application, has reviewed the entirety of its regulatory framework. Significant revisions have been made to the Code of Conduct to ensure an outcome focused and risk based approach to regulation, only retaining detailed rules and requirements where necessary.
The scope of their application is limited at the current time to the CLC?s current reserved activities, although the CLC is also making an application under Part 2 of Schedule 4 of the Act to allow it to award rights of audience and rights to conduct litigation. If the application to be designated as a Licensing Authority is successful, the application to extend its reserved legal activities will apply to the CLC as both an approved regulator and a licensing authority.
Full details of the application can be found on the Legal Services Board web site at www.legalservicesboard.org.uk/what_we_do/regulation/licensing_authority_application.htm