The Legal Services Board – the independent body overseeing the regulation of lawyers in England and Wales – has published its Annual Report and Accounts for the year 2014/15.

The report describes the role the LSB continues to play in assuring the public of the independence and competence of legal regulators and describes how the LSB delivered its 2014/15 Business Plan priorities and its statutory objectives highlighting, amongst others:

• changes which have the potential to stimulate more competition and choice in how legal services are delivered
• completing the first stage of a substantial project putting the cost of regulation to the legal profession under the spotlight, and
• championing greater openness and access to information in order to develop consumer choice tools such as comparison websites and empower consumers.

The report also describes the work the LSB is doing with all the legal services regulators to understand the challenges facing the sector and ensure that public and consumer interests are at the heart of regulation.

Chairman of the Legal Services Board, Sir Michael Pitt said:

“The LSB holds to account the various regulators of the legal profession in England and Wales. We also encourage change in the sector where this is in the consumer and public interest.

We will continue to drive the modernisation of regulation and to stimulate innovation, investment and growth. A priority is to improve outcomes for individual and small business consumers. By forcing the pace on reducing unnecessary red tape and regulation, we can play our part in helping the sector rise to the challenge of improving access to justice for those on limited budgets.

The coming years are going to present the legal services profession with both challenges and opportunities. I believe our progress and future plans, delivered as a result of the Legal Services Act 2007, are continuing to make a positive contribution.”

The report can be found on the LSB web site at www.legalservicesboard.org.uk/news_publications/publications/index.htm