The Legal Services Board (LSB) has today published its consultation on proposed new Internal Governance Rules (IGR) and accompanying statutory guidance.
With this final consultation we are proposing a number of changes to the current IGR. We want the new rules and guidance to enhance the separation and independence of regulatory functions within the current legislative framework. In addition, to make the IGR as clear as possible, the structure has been revamped and previous terms (such as “regulatory independence”) and distinctions (such as between “Applicable Regulators” and “Applicable Approved Regulators”) have been removed. Some of the rules are the same or similar but modified and some rules are new.
The accompanying Guidance explains the LSB’s expectations and should be clearer for each approved regulator on what we believe compliance will look like.
Legal Services Board Chief Executive, Neil Buckley said:
“The LSB has listened and responded to the views of approved regulators and regulatory bodies on the challenges they face in complying with their statutory duties and the current IGR. We have carefully considered their comments as well as our own knowledge and experience to develop a new set of rules and guidance.
We believe that regulation which is, and is seen to be, independent is central to maintaining confidence in legal services. The proposed IGR and Guidance reflect our commitment to achieving the highest level of independence available within the current legal framework.
The proposals reflect the LSB’s approach to regulation – they are principled and outcomes-focussed. The rules are targeted at the areas where experience has taught us that action is needed. The Guidance provides the detail and the clarity needed to ensure compliance.”
We are now seeking feedback on our proposals. The consultation will close at 5pm on Monday 21 January 2019.