The last review of the LSB was conducted in 2017
The future of the Legal Services Board will hinge on a new review examining the oversight regulator’s overall impact, reported the Law Society Gazette.
The review will determine whether or not the LSB clearly differentiates itself from other regulators and whether or not it possesses the capacity, skills, and technology to be effective in holding frontline regulators accountable. The consultation will also identify the LSB’s priorities moving forward.
Justice minister Sarah Sackman announced the review, which will be led by Independent Parliamentary Standards Authority chair Richard Lloyd, yesterday. This will be the first review of the LSB since 2017.
“We must ensure that the current regulatory oversight arrangements are effective and do not duplicate frontline regulators’ work and initiatives. Robust and proportionate oversight is also crucial in ensuring that the sector continues to uphold the highest professional standards and safeguard public trust,” she said in a written ministerial statement to parliament, a snippet of which was published by the Gazette. “This review provides an opportunity to consider the LSB’s statutory remit, its strategic clarity, governance and accountability arrangements, and the LSB’s current capabilities.”
Sackman noted that major developments in recent years, such as the introduction of a new regulatory objective, professional ethics concerns, and the increasing use of lawtech made the review timely. In the past two years, the LSB has been actively investigating and criticizing the Solicitors Regulation Authority and the Bar Standards Board; it commissioned independent reports examining the SRA’s handling of the Axiom Ince and SSB Law collapses and called for a review into advice provided on the conduct of litigation before the Mazur judgment.
“The review will assess how the LSB and the Ministry of Justice should work together to deliver value for money and ensure sufficient focus is maintained on the evolving priorities of legal services consumers and the wider sector,” Sackman said in a statement published by the Gazette.
Ian Jeffery, chief executive officer of the Law Society of England and Wales, lauded the announcement of the review.
“It is an opportunity to speak up for proportionate risk-based regulation that protects consumers and helps the legal sector grow. The Law Society will be responding to the call for evidence in full on behalf of our members,” he said in a statement published by the Gazette.
