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There has been a hitch in the Legal Services Board approving the Bar Standards Board’s bid to regulate entities, meaning that the LSB has had to issue a formal warning notice that it is considering whether to refuse the application.

More needs to be done to reduce the cost of legal services to meet the needs of small businesses and people who are neither wealthy nor eligible for legal aid, the chairman of the Legal Services Board has said in his first public speech.

The Solicitors Regulation Authority (SRA) has hit back at criticism from the Legal Services Board (LSB) over its plans to cut the minimum compulsory cover for law firms from £2m to £500,000.

The Legal Services Board said yesterday that it supports recognition of fee-charging McKenzie Friends as a “legitimate feature of the evolving legal services market”, but also called for safeguards.

The Legal Services Board has been praised for extending the time limit for its decision on whether to approve plans to cut the minimum indemnity limit for law firms, which meant the Solicitors Regulation Authority was unable to implement it this year.