The Legal Services Board is an oversight regulator, and sits at the top of the regulatory system for legal services in England and Wales. It provides regulatory oversight of the eight ‘’approved regulators’’ named in the Legal Services Act of 2007 (LSA 2007), and two additional regulators added since the act gained Royal Assent. The Act outlines the general functions of the Board, which include: a duty to promote the regulatory objectives (and act in a way which it considers most appropriate for the purpose of meeting those objectives); to assist the regulators in the maintenance and development of standards of regulation, education and training of authorised persons; to have regard to good corporate governance practice in its affairs; and to prepare an annual report detailing the discharge of its functions in the previous financial year and its performance in line with the regulatory objectives. It also oversees the
Office for Legal Complaints (the body responsible for administering the
Legal Ombudsman scheme), and makes recommendations to amend the list of reserved legal activities.
Regulatory supervision Regulation of the legal profession is the responsibility of the approved regulators (ARs). The LSB is responsible for overseeing the approved regulators and to ensure that regulation is conducted in adherence to the regulatory objectives, which it does through assessment against a regulatory performance framework. The LSB is responsible for ensuring that the approved regulators’ representative and regulatory functions are sufficiently independent from one another. It does this by establishing Internal Governance Rules (IGR), which dictate how regulators’ independent regulatory arms are kept independent. When regulators make changes to the rules governing those they regulate, they are required to submit an application to the LSB. The board then assesses these changes against a set of criteria on which applications can be refused, laid down in the Act. The following list is a breakdown of the different legal professions, along with the approved regulator for that profession and its independent regulatory arm. The
approved regulators are: The LSB has the power to recommend to the
Lord Chancellor that they approve further
approved regulators.''' • Protecting and promoting the
public interest; • Supporting the constitutional principle of the
rule of law; • Improving access to justice; • Protecting and promoting the interests of
consumers of
legal services; • Promoting competition in the provision of legal services; • Encouraging an independent, strong, diverse and effective
legal profession; • Increasing public understanding of the citizens' legal rights and duties; • Promoting and maintaining adherence to the
professional principles; • Promoting the prevention and detection of economic crime. The
professional principles are: • Authorized persons should act with independence and integrity; • Authorized persons should maintain proper standards of work; • Authorized persons should act in the best interests of their clients; • Persons who exercise their rights before any court, a
right of audience, or conduct
litigation in relation to proceedings in any court by virtue of being authorized persons, should comply with their duty to the court to act with independence in the interests of justice; • Affairs of clients should be kept
confidential.
Powers and enforcement If the approved regulators fail to uphold the regulatory objectives, or if they fail to comply with the 2007 Act, the LSB can: and • Under Sections 45 to 48: recommend that Lord Chancellor
cancel the regulator's approval. Under Section 51 to 54, the LSB has a duty to regulate practising fees, resolve regulatory conflicts and work with the
Competition and Markets Authority and Lord Chancellor on competition issues. ==Relationship with the Ministry of Justice==