View the article online at http://citywire.co.uk/new-model-adviser/article/a658560
Legal Services Board calls for will writing to be regulated
by Jun Merrett on Feb 13, 2013 at 10:33
The Legal Services Board has written to the Lord Chancellor urging him to make will writing subject to regulation.
The recommendation is a result of a two year investigation led by the Legal Services Board which found 'comprehensive evidence' that many consumers purchasing wills from unregulated firms received poor service resulting in financial loss, practical issues and emotional harm.
The Legal Services Board wants the Lord Chancellor Chris Grayling to amend the list of reserved legal activities to include will writing but not estate administration activities.
The board said the recommendation would give consumers better protection by allowing customers of will-writing providers access to the Legal Ombudsman and also increase competition by creating a level-playing field between traditional law firms and new service providers.
Grayling will have to decide whether to regulate will writing by 14 May.
Legal Services Board chairman David Edmonds said: 'This is the first time that we have made a recommendation to bring new legal activities within the regulatory scope of the Act. It is not a step we take lightly.
'The board believes new regulation is a proportionate response in the light of a compelling case underpinned by appropriate evidence.'
News sponsored by:
Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.
Today's top headlines
More about this article:
More from us
by Michelle Abrego on Apr 15, 2014 at 15:59