Prudential chairman, David Clementi, who was tasked by the UK government earlier this year with undertaking a far-reaching review of the UK's legal sector, is in favour of creating an overarching regulator for the legal profession, according to reports.
Speaking to the Legal Week news service last week, an unnamed senior lawyer close to the review revealed that:
"He is looking at a super-regulator model that regulates the regulators while taking complaints handling away and giving them to an outside body." The source continued:
"Organisations like the Law Society and the Bar Council will have to decide whether they want to remain as regulators under the super regulator, or just become representative bodies."
Other reports have suggested that Mr Clementi is looking to merge the professions of solicitor and barrister, a proposal likely to cause controversy within the industry.
The Prudential chairman's proposals for reform of the legal sector are set to be published for consultation in February, with final recommendations due at the end of 2004.
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