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Even though I am a practitioner and I suppose should be in favour of deregulation, why do I feel very uneasy about this?

Perhaps it is because it is yet another way of undermining the legal profession and I am not sure, from the point of view of the public, that this is a good thing.
We don't need more regulation certainly and in fact we probably do need less but what we need is better regulation by people who understand what the profession should be about.
The public do need to have a means of ensuring that people who advise them about their personal affairs are people they can rely on and trust. I fail to see how removing all regulation is going to improve this. Stopping those who are not regulated from carrying out legal services is the way to protect the consumer. The "competition" everyone was craving has not made legal services cheaper just considerably more unreliable.

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