Regulatory Arrangements and Accounts Code Consultation

Deadline for receipt of responses: Friday 12 May 

2017

Read the full consultation document

Respond to the online consultation 

Summary

Approach to the review of Regulatory Arrangements

The Council for Licensed Conveyancer’s (CLC) intent in reviewing its Regulatory Arrangements is to identify opportunities to reduce the regulatory burden on the profession and to make changes to foster innovation and competition in the legal services market, provided they can be assured that the changes impact positively on the interests of consumers.

The CLC’s 2011 Handbook was a significant first step towards a principles based and outcomes focused approach to regulation.  Acknowledging the stretch expected of the CLC profession and given the rapid changes then anticipated within the broader legal market, the CLC committed to a further review of its Regulatory Arrangements in five years (i.e. in 2016/2017) to identify what further changes (if any) should be made.

Our aim is that the review of Regulatory Arrangements will be completed in its entirety by July 2017, with any changes coming into force in January 2018.

Review of CLC Accounts Code

Whilst ensuring that appropriate levels of consumer protection are maintained the CLC’s objective in reviewing the Accounts Code is to:

1. Remove any unnecessary and disproportionate regulatory burden
2. Provide greater flexibility for CLC Lawyers and Practices to participate in a diverse legal market, increasing access for the public and quality of legal services
3. Provide greater clarity for CLC Lawyers and Practices so that the CLC’s expectations are clear.

The CLC proposes to:-

1. Simplify the Accounts Code-removing any unnecessary barriers and restrictions to ensure that what the CLC requires of CLC Practices is no more than necessary, appropriate and proportionate
2. Amend the format of the Accountant’s Report to limit or reduce the amount of prescribed testing required
3. Introduce a new self-certification scheme for Aged Balances with an increased upper limit of £50
4. Replace the CLC Accounts Code Guidance with a more targeted and focused practice note.

During the Consultation Period the CLC will engage with the profession, with consumer representatives, and seek the views of other stakeholders.

Read the full consultation document

Respond to the online consultation