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The Legal Services Board is an oversight regulator, and sits at the top of the regulatory system for legal services in England and Wales. It provides regulatory oversight of the eight ‘’approved regulators’’ named in the Legal Services Act of 2007 (LSA 2007), and two additional regulators added since the act gained Royal Assent.
The Law Society remains the approved regulator, although following the Legal Services Act 2007 a new body, the Legal Services Board (chaired by Sir Michael Pitt, a government appointee) oversees all the approved regulators including the Bar Council, which has also divested its regulatory functions into the Bar Standards Board.
The Legal Services Board provides cross-sector oversight regulation of the legal services sector in England and Wales, overseeing the eight separate bodies named as approved regulators in the Legal Services Act 2007. The Legal Services Board was established by the Legal Services Act 2007 and became fully active on 1 January 2010. [56]
The Legal Services Board does not have the power to recommend to the Lord Chancellor that he approve further approved regulators (s. 20/ Sch. 4, Pt. 2). The regulatory arrangements of all the approved regulators defined in Sch. 4, Pt. 1 remain in place at the coming into force of the Act but thereafter, all changes to internal professional ...
Financial Services Board (South Africa) (1990–2018) Financial Services Authority (2001–2013) in the United Kingdom; Federal Home Loan Bank Board (1932-1989) and Office of Thrift Supervision (1989–2011) in the United States
The Law Society remains the approved regulator, although following the Legal Services Act 2007 a new body, the Legal Services Board (currently chaired by Dr Helen Phillips [6]) oversees all the approved regulators including the Bar Council, which has also divested its regulatory functions into the Bar Standards Board.
Silicon Valley Bank's deposits were backstopped by the government over the weekend, a move made possible by a narrow legal exception inside a 32-year-old banking law.
Established in 1894, the Bar Council is the "approved regulator" of barristers, but discharges its regulatory function to the independent Bar Standards Board. As the lead representative body for barristers in England and Wales, the Bar Council’s work is devoted to ensuring the Bar’s voice is heard, efficiently and effectively, and with the ...