LSB approves new transparency rules
The Legal Services Board (LSB) has published its decision regarding the Solicitors Regulation Authority’s application to introduce new transparency rules. The LSB has granted the application in full. The LSB’s decision will help bring members up to speed on the final transparency proposals.
The rules require firms to publish more information on their websites about price, service and regulatory matters, coming into force in December 2018.
The SRA has said it will issue guidance on how to comply with the requirements. The LSB has reminded the SRA of 'the need to ensure that the final guidance is clear and consistent with the approved regulations, and is written in such a way as not to impose any additional regulatory compliance on firms.'
The Law Society will be developing resources to help support our members respond to the changes, which will be announced in the coming months.