The Legal Services Board (LSB) has set out its draft business plan and budget for 2024/25 to ensure its continued focus on “providing a legal services market that better meets the needs of society”. I asked for opinions.
To achieve this, we have budgeted £5.3m, an increase of 13.9% from last year's budget of £4.7m, or a real increase of 7.2% after adjusting for inflation.
The 2024/25 plan represents the fourth year of a 10-year plan in which LSB has outlined three key objectives for legal services. Fairer outcomes, stronger trust, and better service. The super regulator will also further investigate the SRA's intervention in Axiom Ince, alongside plans to strengthen its oversight of the regulator's performance, and ensure that agreed initiatives in the CILEX/CRL dispute have been carried out. He also said that he recognized the need to do so.
On progress towards the 10-year plan, the LSB points to new rules on consumer empowerment and the creation of the Market Transparency Coordination Oversight Group (MTCOG), as evidence that regulators are improving skills and It points to ensuring that the development of expertise is monitored. Efforts to improve access to legal services.
Following the Solicitors Regulation Authority (SRA) and Chartered Carriers Council (CLC)’s focus on anti-money laundering, LSB is committed to assisting regulators in achieving their regulatory objectives in preventing and detecting economic crime. He announced that he will continue to focus on this area. .
Other focus areas for 2024/25, ongoing in 2023/24, include:
- We work collaboratively with regulators and other sectors to address equality, diversity and inclusion gaps in the profession.
- Ensuring the regulator's approach to discipline and enforcement builds public trust and maintains standards.
- As part of our commitment to technology and innovation, we will consider the role of regulation in ensuring the safe use of artificial intelligence (AI) to benefit legal service users.
- Considering the role of regulation in improving access to justice.
- Advocating for a strategic approach to consumer vulnerability and user design in legal services.
Matthew Hill, Chief Executive of the Law CommissionSaid:
“We have made great progress in delivering fairer outcomes, stronger trust and better services through regulatory oversight, but more needs to be done. In the year ahead, we We want to strengthen our direct oversight of regulators to ensure high standards and oversee the full implementation of policies that drive change in this sector.”
“While we recognize the challenges of the current economic climate, we believe it is important that users of legal services and the public rely on high standards of regulation. It means we have a better ability to recognize problems before they cause harm to consumers or the public.”
The consultation will close at 5pm on Monday 12 February 2024. LSB will hold an online consultation event on Wednesday 17 January from 10:30am to 12pm to discuss the draft business plan and budget in more detail.
