The UK Law Society is to bring forward its conflicts of interest review, with a view to finalising the new rules by the end of this year, according to reports.
The industry body and regulator has been criticised for failing to properly enforce the existing regime, and for dragging its feet over the review, and some observers have suggested that it has only been spurred into action now by the possibility that some of its regulatory powers may be stripped from it following the government review of the legal services industry, currently being undertaken by Prudential chairman, David Clementi.
Additionally, during a two day meeting in Birmingham earlier this month which aimed to create an agenda for the Society's two year 'corporate plan', a call to "lead and manage the process of transferring responsibility for consumer complaints to an external body" proved highly popular in a vote.
Speaking to the Legal Week news service, this week, Law Society chief executive, Janet Paraskeva explained that:
"The society has been made aware of the of the concern about the conflict of interest rules and the fact that firms may be interpreting them differently. Because of this we are seeking to bring clarity to the issue by bringing forward the debate."
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