Legal Services Board calls for simplification of regulation
Following the release of the OFT report on the regulation of legal services the Legal Services Board has said there is a danger of regulation not keeping up with the market.
They said the report pointed to the need for continued simplification of the regulatory regime.
In particular with regards to both ABS approvals and education and training, where regulatory requirements are over-elaborate and, potentially, getting in the way of innovation and growth.
The LSB said that the report justified their decision to issue clear regulator-by-regulator action plans for improvements.
Chief Executive of the Legal Services Board, Chris Kenny, said: “The OFT’s report is a timely reminder that much more needs to be done to modernise legal services market and make it more consumer friendly.
“The fundamental issue which the report raises is one of the continued simplification of both the design and the operation of the regulatory regime.
“This is an issue already identified by the LSB and we have signalled in our draft Business Plan for 2013/14 that we will be commencing work on the cost and complexity of regulation generally.
“We will also be looking to hold regulators to account as they move towards regulating by clear outcomes rather than elaborately detailed rules.”