|
CLC welcomes ABS start date
The Legal Services Board (LSB) has today announced the 6th October 2011 as the start date for the licensing of Alternative Business Structures (ABS) in England and Wales. ABS will allow non-lawyers to invest in and own legal practices and should enhance innovation across the legal services sector to the benefit of consumers.
The CLC has worked closely with the Legal Services Board in their ongoing development of the licensing framework for ABS and welcomes a definite timetable to work towards. Victor Olowe, Chief Executive of the CLC comments:
“We are committed to having the appropriate resources, infrastructure and regulatory framework in place well before the 6th October 2011 to monitor the new ABS businesses.
The CLC’s licensing framework for ABS will be principles-based and outcome-focused, providing increased flexibility to ABS to deliver innovative services, rather than stifled by prescriptive rules. We intend for this framework to be equally relevant to non-ABS firms so there is consistency across our regulated community.”
Further information regarding the LSB announcement can be located at http://www.legalservicesboard.org.uk/news_publications/press_releases/index.htm
Note For Editors:
1. The Council for Licensed Conveyancers (CLC) is the regulatory body for the profession of Licensed Conveyancers. Its purpose is to set entry standards and regulate the profession of Licensed Conveyancers effectively in order to:
• secure adequate consumer protection;
• promote effective competition in the legal services market; and
• provide choice for consumers.
2. The Legal Services Board (LSB) was created by the Legal Services Act (‘The Act’) as the oversight regulator for legal services in England and Wales. The new regulatory regime enacted by the Act became fully active on 1 January 2010.
Media information: Samantha Moggan, Communications Manager
CLC
samm@clc-uk.org
01245 349 599
|
|
