Evidence-based approach to regulation essential
It is in the public interest that the Legal Services Board (LSB) demands and scrutinises evidence before approving major rule changes, the Law Society of England and Wales said in response to the LSB’s Business Plan 2019/20.
“We support evidence-based regulation, making use of the available research, to enable a robust assessment of the costs, benefits, risks and opportunities of any given regulatory intervention,” Law Society president Christina Blacklaws said.
“Given the push for greater transparency in the legal sector, the LSB should insist on consistent use of evidence across regulators. Making such evidence publicly available will give increased public confidence in regulatory decision-making.
“This should ensure regulatory changes are more incremental, more targeted, easier to implement, and more beneficial to the public and solicitors alike.
“The oversight regulator should provide a stabilising influence for the market, ensuring that all the regulatory objectives are applied in a balanced way.”
Notes to editors
Read the Law Society's consultation response
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