Independence of regulation – our statement on the LSB’s investigation into Law Society oversight of the SRA
Reacting to today’s publication by the Legal Services Board (LSB) of its investigation into the Law Society’s (TLS) oversight and monitoring arrangements for the Solicitors Regulation Authority (SRA) Dame Janet Paraskeva, Chair of the Council for Licensed Conveyancers said:
‘We are surprised that the LSB has not taken more robust action given that its interim chair says that “[The Law Society’s] actions have impaired the effectiveness of the SRA, thereby undermining the public interest in effective regulation of legal services.” However, the LSB was right to censure the Law Society because effective independence and the clear perception of it is essential if clients and the public are to have faith in the ability of a regulator to be robust in its approach.
‘We agree with the SRA that more could be done to entrench the independence of regulation even within the existing regulatory framework. We look forward to contributing to the LSB’s review of the Internal Governance Rules in the hope that this independence can be achieved across all regulation of legal services because as a truly independent regulator, we understand the strengths that gives us.’