The Legal Services Board is to have an oversight role in ensuring that the interests of consumers ( including conveyancing clients ) are properly protected.
It is said that the immediate priority of the Legal Serviced Board is to ensure that the regulatory function of each regulator is separated from any representative function. This is most relevant for the Law Society which has set up the SRA ( Solicitors Regulation Authority ) to regulate conveyancing solicitors and non conveyancing solicitors. The Bar Council has set up the Bar Standards Board to regulate barristers in England and Wales.
The establishment costs and ongoing running costs of both the Legal Services Board and the OLC will be funded by the legal profession. The Legal Services Board will soon make rules to determine the way in which the costs will be covered and split between the different branches of the legal profession. The Council of Licensed Conveyancers will soon after decide how its liability for these costs should be apportioned across it’s conveyancing members
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