Entity Authorisation and Supervision Portfolio Holder:
Hilary Daniels Independent Board Member
Key Objective: • IPS will finalise the applications to the LSB for additional rights and ancillary matters, having obtained stakeholder support and develop robust implementation plans.
• IPS will implement the arrangements for regulating CILEx members and practices which provide immigration services and non-members providing immigration services on behalf of CILEx members and practices, ensuring robust transitional arrangements are in place.
Practice rights applications We completed the final stages of the preparation of our probate, conveyancing, litigation and immigration practice rights applications and successfully secured approval from the LSB.
The LSB approval enables CILEx to become an approved regulator for probate practice and reserved instrument (conveyancing) practice rights, the two reserved practice areas it was previously unable to award. The litigation application enables us to award litigation rights to a wider group of CILEx members and the immigration application introduces a new qualification scheme. They enable CILEx members to set up their own practices to deliver legal services to the public for the first time subject to obtaining the necessary approvals from us.
We also worked with the Ministry of Justice to secure Parliamentary Orders to complete CILEx’s designation to award probate and conveyancing rights. Our work included an application to obtain an Order to allow us to intervene into entities and establish a compensation fund.
In 2013 we added to our research into the market aimed at increasing our understanding of risks in the sector. research into demand for practice rights.
In addition we carried out further The research reconfirmed our
original findings that CILEx members want and will apply for practice rights.
Testing and developing our proposals While the LSB reviewed and decided on our applications we tested our proposals for the regulation of legal practices. We carried out visits to a number of legal practices to assess the effectiveness of forms and guidance we developed for entity regulation. The testing enabled us to gather data on risks in legal practices and develop responses to them and will continue in 2014.
We also began to develop our IT system to record information on practice rights and entity regulation.
Risk intelligence We developed a risk based approach to the regulation of new practice rights and legal practices. It looks at risks to the delivery of the Principles in the Code of Conduct.
Professional standards for specialist lawyers 13
We implemented a new risk and intelligence gathering function to meet this objective. In 2013 we began trialling the gathering and recording of risk intelligence and will continue with this work in 2014.
Client protection We developed proposals for entities to have professional indemnity insurance in place and to make contributions to a fund set up to compensate clients who cannot seek redress through other means. We worked with our broker to secure insurance providers who will insure IPS regulated practices and to obtain insurance for our proposed compensation fund.
We also developed intervention proposals and procedures to hold money in statutory trust when intervention takes place.
In 2014 we will be working on developing our forms and processes to implement our client protection arrangements and to set up our compensation fund.
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