CLC Consults on lower regulatory fee rates
In March 2016 the CLC announced that it would look to reduce by 20% the regulatory fee rates for the firms it regulates. The CLC has now published a consultation paper on its proposals for setting fee rates for the regulatory year beginning 1st November 2016, including the reduction for firms. Individual regulatory fees will remain unchanged.
The fee rate cut has been made possible by restructuring of the CLC’s operations, staffing, process, IT support and a move to new, more appropriate premises.
Sheila Kumar, Chief Executive of the CLC said: “I am very pleased that we are able to consult now on this very significant change to our regulatory fee rates that meets the Council’s ambition for a 20% cut. This follows four years of frozen rates and reflects our commitment to deliver the same high standards of regulation and consumer protection at a much reduced cost to the regulated community in a way that is sustainable for the long term.
“The Legal Services Board has this week endorsed the CLC’s new structures and approach, noting in its Regulatory Standards report that the CLC takes a “consistent and risk-based” approach, is able to take “targeted action depending on the risk posed” and “allows practitioners to be innovative in the way they deliver their products”. The LSB also commented that “the CLC has a culture of improvement and is not static in its approach to regulation”.”