CLC welcomes LSB report on the cost of regulation

24 May, 2016

CLC Reaction to LSB’s Report on the Cost of Regulation

Reacting to the publication today of the Cost of Regulation report by the Legal Services Board, Sheila Kumar, Chief Executive of the Council for Licensed Conveyancers said: ‘I am very pleased that the LSB’s work on costs of regulation has found that the profession’s views of both the fees and compliance costs of the CLC regime are viewed very favourably to other, comparable regulators. This chimes with the findings of an independent survey to be published in full soon, in which 77% of CLC-regulated lawyers say the CLC provides value for money and three-quarters said it ‘supports innovation and growth’.

‘The CLC is far from complacent, and in March this year we were able to announce a 20% cut in regulatory fee rates for firms. This new business model is based on improved staffing arrangements, the benefits of new IT infrastructure, smaller premises and changes to our processes for delivering our regulatory objectives.

‘The CLC is focused on the value for money of our work as a specialist regulator of property lawyers, protecting consumers and supporting innovation and growth in the legal services market. This includes using our review of the CLC Handbook to streamline regulation further, based on feedback from the profession and other stakeholders.’

Charts 1, 2, 3, and 4 on pages 20-22 of the LSB publication ‘Cost of Regulation – Discussion of evidence from initial phase and next steps’ show the following.

The CLC will publish in June the findings of its 2016 survey of stakeholder and regulated community perceptions of the CLC.  The survey was carried out by independent research company IFF.