ACCA responds to the Competition & Markets Authority's interim report on the legal services market study.
ACCA strongly supports the principles of better regulation, as set out in the Legislative and Regulatory Reform Act 2006. We believe that an effective regulatory framework facilitates (and requires) transparent policies and processes that are targeted and risk-based.
Moreover, a framework that fails to pay due regard for proportionality stifles competition. Lack of proportionate regulation not only prevents suppliers of services entering the market, but also has a detrimental impact on the costs of providing legal services, which bears a direct relationship to levels of unmet demand.
An effective regulatory framework would promote trust in the legal profession, which is also fundamental to reducing levels of unmet demand. When combined with appropriate competition, this trust furthers the public interest, as those in need of legal services have the confidence to engage those who possess the expertise to supply them. An effective regulatory framework for legal services supports a strong economy and breaks down barriers that restrict business and innovation.