Regulation of Approved Regulators
Approved regulators have a duty to promote the regulatory objectives (s. 28). If they fail to do so, or if they fail in some other way to comply with the Act, the Legal Services Board can:
- Issue directions to the regulator to correct the deficiency (ss. 32-34/ Sch. 7);
- Publish a public censure (ss. 35-36);
- Impose a financial penalty (ss. 37-40);
- Make an intervention direction whereby the regulatory function is performed by a person nominated by the Board (ss. 41-44);
- Recommend that the Lord Chancellor cancel the regulator's approval (ss. 45-48).
The Board has a duty to regulate practising fees (s. 51), resolve regulatory conflicts (ss. 52-54), and work with the Office of Fair Trading, the Competition Commission and the Lord Chancellor on competition issues (ss. 57-61).
As of March 2008, no date is fixed for the coming into force of these provisions.
Read more about this topic: Legal Services Act 2007
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