The Legal Services Board (LSB) has launched a consultation on proposed new rules and guidance for alterations to regulatory arrangements.
One of the oversight regulator’s core statutory functions is assessing applications from regulatory bodies to alter their regulatory arrangements. The process for this has not been substantially reviewed since 2010.
Following engagement with the approved regulators and the regulatory bodies, the LSB has developed new rules and guidance intended to make sure the applications are explicitly and demonstrably focused on ensuring that all changes promote the regulatory objectives. The LSB also plans that applicants experience a clearer process and that the assessments make the best use of the oversight regulator’s and the regulatory bodies’ resources.
Matthew Hill, Chief Executive of the Legal Services Board, said:
“In discussion with regulators, we have developed new rules and guidance to ensure changes to regulatory arrangements are focused on promoting the regulatory objectives. We have made our expectations clearer and set out the regulatory changes that require our approval and the circumstances in which we may refuse to consider an application. The changes should lead to higher quality, evidence-based applications, and more efficient use of both the LSB’s and regulatory bodies’ resources.”
The consultation closes on 30 July 2021.