LSB publishes legislative options paper
The Legal Services Board (LSB) has published a paper exploring options for reform of the Legal Services Act 2007 (the Act).
The paper describes some of the choices ahead, and the regulatory tools that are available, to inform further debate and discussion.
Without attempting to provide definitive answers or positions, the paper considers a core set of issues that could frame possible future reform, such as:
- the case for fundamental change to the Act including what should be regulated
- the rationale for sector-specific regulation
- the dynamics and tension between regulation of activities, individuals, entities and titles
- regulatory independence, and
- the shape of the regulatory infrastructure.
Legal Services Board Chairman, Sir Michael Pitt,said:
“Irrespective of any future reform, however, we recognise our responsibility to maximise the potential of the existing legal framework; indeed, we want the process of regulatory reform to accelerate. Whilst there may not be a ‘burning platform’ for emergency action, there is a compelling case to introduce a new regulatory settlement for the medium-term.
Regulation has the potential to make a very real contribution to unlocking growth, increasing productivity and addressing the significant unmet need for legal services. To do so, the regulatory framework must be more efficient and effective in seeking to promote strong and fair competition. It has to be capable of responding to rapidly changing conditions in the market whilst also maintaining necessary protections for consumers and the public interest.”
The paper can be found on the LSB web site