Submissions to the Legal Services Board (LSB)
CILEx Regulation must make and seek approval of applications to the Legal Services Board (LSB) for new authorisation or changes to existing rules. It has also made other submissions to the LSB. The current submissions to the LSB are set out below.
1 December 2015
Report on the issues relating to run-off cover, which affect entities looking to switch entity regulator.
The research and evidence outlined in the report demonstrates that the run-off requirement is acting as a significant barrier to entities looking to switch regulator, threatening the achievement of the Regulatory Objectives and Better Regulation Principles, as well as hindering innovation and growth.
We ask the LSB to carry out a thematic review of the barriers and restrictions caused by run-off and to direct regulators to review their regulatory arrangements and to work together in resolving this issue by coming up with a mechanism to support a transfer of regulator. CILEx Regulation believes that collectively this issue can be resolved, thereby strengthening competition between entities and supporting the regulatory objectives and ultimately delivering choice for the consumer, whilst maintaining appropriate safeguards.
Follow this link to read a full copy of the report.