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Solution: one competition regulator (LSA), like the MPC, one front-line regulator (SRA re-named), like the FCA. Other bodies being representative bodies, representing their members and defending the administration of justice.

The current proliferation of regulators defies sense. Entity regulation is contrary to the DNA of the BSB, FiLex has a tiny number of members and I don’t want to think about the Institute of Notaries!

The primacy of competition over the commitment to the administration of justice contained in the LSA is objectionable, but it is the reality.

If it going to be embraced, it must be embraced fully, with the representative bodies protecting the administration of justice.

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