RSM welcomes interim independent review of legal services regulation

RSM has welcomed the publication of the interim Independent Review of Legal Services Regulation and urged members of the legal profession to share their views on the proposed reforms.

The interim report, which has been published by the Centre for Ethics & Law in the Faculty of Laws at University College London, forms part of a fundamental review of the current regulatory framework for legal services in England & Wales.

The review, which is being led by Professor Stephen Mayson, aims to explore the issues and recommendations made by the Competition and Markets Authority in its 2016 legal services market study

The Review’s scope covers: regulatory objectives; the scope of regulation and reserved legal activities; regulatory structure, governance and the independence of legal services regulators from both government and representative interests; the focus of regulation on one or more of activities, providers, entities or professions; and the extent to which the legitimate interests of government, judges, consumers, professions, and providers should or might be incorporated into the regulatory framework.

Commenting on the publication, George Bull, RSM Senior Tax Partner, who sits on the advisory panel said:

'This interim report finds that there is currently a discrepancy between a consumer's expectation of legal regulatory protection and the reality, and that the current regulatory framework is insufficiently flexible to apply proportionate, risk-based and consistent regulation across different legal services areas.

'It is very important that the regulatory framework is reformed in a way that meets the future demands and expectations placed on it, and I would urge members of the profession to share their views on the proposed reforms.'

The report makes a number of proposals that could form the foundations for a reformed regulatory framework. Interested parties are requested to respond with their views by 29 November 2019.

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