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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 BoardSheila 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.

Regulatory Fees

 

% saying fees are ‘low’, ‘reasonable’ or ‘high but not excessive

% saying fees are ‘poor value for money’

Entities

CLC

81

19

SRA

52

45

Individuals

CLSB

86

7

MoF

54

32

BSB

42

46

IPS

59

27

IPReg

46

42

 

Compliance costs

 

% saying compliance costs are ‘low’, ‘reasonable’ or ‘high but not excessive

% saying compliance costs are ‘poor value for money’

Entities

CLC

75

19

SRA

48

47

Individuals

CLSB

80

                    7

MoF

70

27

BSB

48

45

IPS

59

22

IPReg

59

34

 

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.