As the Ministry of Justice conduct an in-depth review of the current regulations of the legal system the Legal Services Consumer Panel have called for a single independent regulator to be set up for the entire legal sector.
This comes as the MOJ review the current legal system across the UK with the aim to simplify the current legal services regulations. However, the dramatic response from the Legal Services Consumer Panel highlights how consumers view the current regulatory system surrounding the UK legal sector.
The chair of the panel, Elisabeth Davis, went on to say that the current system isn’t delivering the outcomes consumers need, offering instead a confusing maze where consumers can find themselves in a dead end due to the gaps in redress and regulations.
Furthermore, the panel went on to say that regulators and ombudsman are unsure of which area they currently regulate.
Since this response the MOJ are under further pressure to scrap the current regulatory system. However, as the market becomes increasingly competitive many believe that scrapping the current system at this point may put consumers at further risk. However, if a new system is introduced it will see dramatic changes including the possible closure of regulatory bodies including the SRA and LSB. However, it may be seen as the best and only long-term option available in order stream line the system making it easier for consumers to make the right choices and in turn reducing the cost of legal services.
Ashton Hudson, Online Marketing Executive