CILEx Regulation responds to LSB’s vision
Sam Younger CBE, Chairman of CILEx Regulation said:
“We are pleased to read that the LSB’s vision reinforces many best practice approaches to risk-based regulation that are either emerging or already in operation in our sector.
“Our regulated community comprises lawyers and legal practitioners who operate under an outcomes-focused Code and are authorised according to legal specialism. Our businesses are authorised according to risk, delivering choice and protection to consumers.
“The LSB’s proposal for an overarching regulatory objective is an essential ingredient to deliver a vision of true regulatory independence and we are pleased to see secondary objectives of consumer choice and competition remain.
“We will continue to develop our outcomes-focused approach while discussions continue about a potential new legislative framework. We look forward to shaping these developments with other stakeholders by sharing the innovative approaches we have already delivered to our community. We will discuss the LSB’s vision further, including regulatory separation, in collaboration with our colleagues at CILEx.”