LSB publishes report on regulators' performance

Responding to the Legal Services Board’s (LSB) Regulatory Performance Assessment report Law Society of England and Wales president, Nick Emmerson, said:

“Having confidence in our regulator is important for the rule of law. Both the legal profession and the public need to be assured that legal regulation is robust for the judicial system to operate effectively. It is therefore good to see the progress the Solicitors Regulation Authority (SRA) has made as it continues to maintain its ‘sufficient’ assessment rating.

“In May the SRA took over the management of the Solicitors Indemnity Fund, demonstrating a commitment to maintaining high professional standards and long-term consumer protections.

“While the report shows progress being made, it does also recognise that the SRA’s intervention in Axiom Ince and the LSB’s subsequent review into the regulator's actions leading up to it, have not been accounted for as part of the assessment.

“If the LSB’s review were to identify any failings by the SRA before the intervention, it would be appropriate for the ratings given to the SRA to be reviewed.”

Commenting on the CILEx Regulation performance, Nick Emmerson said: “The LSB notes improvements in the performance of CILEx Regulation Ltd (CRL) and gives it a rating no lower than a number of other regulators it oversees including the Bar Standards Board.

“We continue to believe that CRL is the best entity to provide the specialist regulation needed for CILEX members.”

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