Its ‘Consultation on proposed practising fee rules’ covers fees paid by all lawyer categories whose regulators are governed by the LSB―including solicitors, barristers, legal executives, patent and trademark attorneys, costs lawyers and notaries. The LSB says it plans to increase transparency and accountability about how regulators spend fee income.
Currently, the fee can only be used for certain ‘permitted purposes’ set out in the Legal Services Act 2007 and LSB Rules. In the consultation, launched on 30 July, the LSB asks for feedback on new draft Rules.
Chris Nichols, LSB director, regulation and policy, says: ‘Practising certificate fees are a mandatory cost of regulation.
‘It is crucial that those being required to pay these fees can see where their money goes and are empowered to satisfy themselves that this represents value for money. In discussion with approved regulators, we have developed a draft framework that will put the onus on approved regulators to clearly articulate the purpose, value and costs of regulation.’
The LSB intends to implement the reformed rules by December 2020.
The consultation ends at 5pm on 8 October 2020. View it at: bit.ly/33a54de.
