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The Law Society has warned the Legal Services Board that it is overstepping its role as an oversight body by trying to become a market regulator. The society said the board plans for the future suggested an “inappropriately proactive approach for an oversight regulator”.

Admiral Insurance is “considering its options” over becoming an alternative business structure, chief executive Henry Engelhardt confirmed yesterday. He indicated that the company is waiting to see the final shape of the ban on referral fees.

The board of the Solicitors Regulation Authority this week approved the third edition of the SRA Handbook since it went live last October, with a fourth one due before the end of June. The SRA said it recognised the disruption this would cause but argued that the updates have been unavoidable.

The Bar Standards Board has launched its final scheme for regulating advocacy-focused alternative business structures in what it described as a “declaration of intent” to become the regulator of choice for advocates.

A financial services group is to submit its stage two ABS licence application this week as it bids to add a legal practice to its portfolio, Legal Futures can reveal. It comes as the SRA reveals how many would-be ABSs have filed stage two applications.