Strategic Development & Regulation
20th August 2013
So how’s the pick-up in the housing market for you? If I tell you that I think competition is going to get even hotter than it was in the lean years, do you feel exhausted or say ‘bring it on’?
Conveyancing is a highly commoditisable legal service and some providers are delivering at volume, but the market is still massively fragmented. Experience in other sectors would indicate that we should expect significant consolidation. And with more money coming in as the economy takes its faltering steps to recovery, funds for growth will become available to drive that faster.
Commoditisation is not the end of professionalism – far from it – it is an inevitable part of modern business. It means we can deliver services in ways, to the standard and at a price consumers expect.
Achieving high standards and attractive prices in such a competitive market means making sure that each aspect of our operations is optimised. What’s overlooked, because for so long we in the legal sector have had no choice, is the role that different regulatory approaches could play in supporting us as we innovate to meet consumer needs better.
Many lawyers are not aware that they can shop around for regulation following the Legal Services Act 2007. And in fact there are some obstacles to a truly ‘free market’ in regulation that I hope the government’s new review will sweep away.
That should not stop us thinking not only about which workflow systems to use and how to streamline risk management, but also whether a different regulator might suit our business better. Do you need a generalist like the SRA because you provide a wide variety of legal services or the specialist CLC, with clearer rules and with experience of helping the regulated community innovate while providing high standards of consumer protection? Which approach to regulation could better support (strange idea perhaps, I know) your business model?
I’m not giving you the answer. That will depend on all sorts of issues that are unique to your business. My advice is simply to exercise your right to shop around and look for a regulator that enables your business to flourish.
Jonathan Gulliford
Freelance Consultant
Latest news
System Maintenance
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Government Confirms New Regulations and Qualifications for Estate Agents Will Happen
The government has accepted the proposals of the Regulation of Property Agents (RoPA) with wide-spread consequences for estate and letting agents.
The proposals reach right into the heart of the industry to affect regulation, training and licensing.
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Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement
Estate Agents are waiting for the big reveal on Monday after Lord Best has admitted some firms could close when the regulation of property agents (ROPA) makes its recommendations to the Government early next week.
Lord Best, the chair of ROPA, has already outlined the working group’s desire for more regulation.
[NEWSFLASH] Agent Charged DOUBLE Over AML Registration Mistake
Property Industry Eye (PIE) has highlighted the case of an estate agent who has fallen foul of HMRC and been charged double.
On 4th April, with plenty of time to spare, Hayman-Joyce renewed their annual HMRC registration. They paid the fee and thought they’d ticked all the boxes.
Compliance in a Box: The Natural Remedy for Your AML Headache
Estate agents around the country are realising that the new 5th AML Directive goes deep. There’s a lot of work involved in becoming compliant. And the penalties for non-compliance, either deliberately or through confusion, are severe. (more…)


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