ICAEW publishes its action plan to deliver greater transparency in the legal services market
The report concluded that the legal services market is not working well for individual consumers and small businesses. Consumers find it hard to make informed choices because there is very little transparency about price, service and quality. This lack of transparency weakens competition between providers and means that some consumers do not obtain legal advice when they would benefit from it.
The CMA’s report therefore concludes that increasing transparency of price, service and quality is essential for consumers to get a better deal and recommends that legal services regulators develop new minimum standards for disclosures of price, service, redress and regulatory status, and develop actions plans for implementing its recommendations for increasing market transparency.
We have been working and continue to work collaboratively with the other legal services regulators to develop a consistent approach to delivering the CMA’s transparency recommendations; our Action Plan reflects and is proportionate to the size and composition of our regulated probate community.
Further information on the Action Plans of other legal regulators can be found on the Legal Services Board’s (LSB) website.
In March 2018 we will be consulting on this published Action Plan.