Protecting the public: our consumer protection review
Aileen Armstrong, Chris Handford, and Paul Hastings are spearheading a comprehensive consumer protection review to address changing legal landscapes, increased interventions, and evolving risks. With consumers as the focal point of this initiative, the aim is to ensure their appropriate protection, maintain public confidence in legal services, and foster a competitive legal market. The review's scope includes policy and operational arrangements for risk management, compensation fund arrangements, and ongoing changes in internal processes. The long-term timeline includes a thematic review on accumulator firms and acquisitions, policy development, and implementation changes set for late 2024.
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Presentation Transcript
Sensitivity: General Protecting the public: our consumer protection review Aileen Armstrong, Executive Director, Strategy, Innovation and External Affairs Chris Handford, Director of Regulatory Policy Paul Hastings, Director of Client Protection
Sensitivity: General Consumer protection review Why now? o Changing legal landscape o Increase in number and size of interventions o Different risks
Sensitivity: General Aims Consumers at the heart of this review: o consumers appropriately protected when using regulated firm o public confidence and trust in legal services is maintained o competitive, dynamic legal market that supports access to justice through enabling consumer choice while keeping costs of legal services down Wide lens seeking as many views as possible
Sensitivity: General Scope What we will cover in the review: o our policy and operational arrangements for identifying and managing or mitigating risks in the marketplace to clients and client funds o our compensation fund arrangements in light of the risks identified
Sensitivity: General Scope Policy and operational arrangements - want to explore a broad range of issues and questions including: o how we identify sector risks o how we monitor firms and approval processes for firms o rules and controls around client money, approach to firms structures and ownership models
Sensitivity: General Scope Compensation fund arrangements: o safety net for consumers o wide ranging questions and ideas that we will explore includes maximum payouts, caps and who the fund covers
Sensitivity: General Changes already underway Reviewing internal processes Strengthening monitoring processes Independent Legal Services Board (LSB) review
Sensitivity: General Timeline longer term Thematic review: accumulator firms and acquisitions Develop policy, begin implementing changes Late 2024: public consultation Early 2025: review consultation findings and decisions Mid to late 2025: submit to LSB any proposed rule changes, implementation of changes
Sensitivity: General Your views Extensive engagement programme between now and July legal, consumer groups and public Considering approach across other regulators, sectors and jurisdictions Get in touch: consumerprotectionreview@sra.org.uk
