15 May, 2017
We’ve been licensing Alternative Business Structures (ABS) since October 2011. In that time, we’ve gained a great deal of experience in the different regimes for ABS firms and Recognised Bodies (RB) – often called traditional firms.
It has become clear that, contrary to fears expressed by some at the time the Legal Services Act introduced ABS, the new type of firm poses no greater risks to the public and consumer interest than the traditional model. Experience shows, though, that there are aspects of the ABS regime that it would be sensible to extend to Recognised Bodies.
The CLC is now consulting on proposals to streamline and strengthen the policies and processes for licensing entities to carry out conveyancing or probate work. We are seeking views on our intention to:
The first proposal will bring greater clarity to accountability for compliance in Recognised Bodies without significantly increasing the regulatory burden. Our other proposals will reduce the regulatory burden and lower barriers to entry to the market with no reduction in our high levels of consumer protection.
Our consultation closes on Friday, 30th June.