Consultation launched on CILEx Regulation powers to authorise ABSs
8 December 2015
CILEx Regulation, the independent regulator of specialist lawyers, is asking stakeholders for views on applying to the Legal Services Board (LSB) for powers to approve and regulate Alternative Business Structures (ABSs).
The consultation seeks views on making the Chartered Institute of Legal Executives (CILEx) a Licensing Authority in its capacity as an Approved Regulator, who would then delegate the regulatory activity to CILEx Regulation in the same way as for the other powers the regulator holds.
The 15-week consultation closes on 18 March 2016, and asks just two questions: whether respondents agree with an application being made; and for views on how CILEx Regulation will continue to deliver the Regulatory Objectives and Better Regulation Principles with the extension of its regulatory capability.
Currently only entities run by Chartered Legal Executives, CILEx Practitioners or other lawyers can be authorised by CILEx Regulation, but not those with non-lawyer owners or managers. Addressing this restriction will expand opportunities for legal businesses whilst ensuring consumers are protected.
The consultation document is available here.