- My LS
Solicitors’ regulator sidesteps oversight
News a key legal regulator has given the go-ahead for an unregulated business to start employing solicitors to advise its clients was met with alarm by the Law Society of England and Wales, which said rules were being relaxed without proper scrutiny.
Law Society vice president Christina Blacklaws said: “Ad hoc regulation is no regulation at all.
“This waiver of the usual rules for one particular company allows a fundamental change to the regulatory framework by the back door. This is a change which has been widely opposed by both the profession and consumers.
“A rule change with such far-reaching consequences for client protection should be reviewed by the Legal Services Board to ensure it doesn’t harm the public interest before being introduced.
“If a solicitor works in an unregulated, profit-making entity, their clients cannot rely on a regulated guarantee of robust professional indemnity insurance, access to the solicitors’ compensation fund, or legal professional privilege.
“It benefits nobody if regulatory change is introduced piecemeal and without proper scrutiny. Regulation exists to protect consumers, providing consistency and certainty. It preserves the strong global reputation of our legal system.
“If the protection afforded by a solicitor is no longer certain, trust in the profession may be eroded and in future fewer people may seek legal advice at crucial points in their life.
The Solicitors Regulation Authority must stop eroding client protections.”
About the Law Society
The Law Society is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.
Press office contact: Harriet Beaumont | firstname.lastname@example.org | 020 8049 3854