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The Legal Ombudsman compares well with similar schemes on case resolution speeds, client satisfaction and perceptions of fairness, but many complainants reject its findings and its cost per complaint is high, according to a study.

The possibility of clients buying ‘top-up’ cover to fill the gaps in compulsory professional indemnity insurance has been floated by the Legal Services Board as it set the scene for a significant shake-up of current financial protection arrangements.

A single regulator for all legal services providers and a single code of conduct is the way forward for the market, the Legal Services Consumer Panel argued today. It essentially recommended tearing up the Legal Services Act 2007 and starting again.

The Law Society has dismissed the Legal Services Consumer Panel’s call to consider a single compensation fund for all legal service providers. It claimed that the panel’s report “lacks the degree of rigour necessary for it to be considered seriously”.

At the Council for Licensed Conveyancers, we are keen to see more change in the regulation and delivery of legal services before we see a reduction in the number of regulators. But there is one area that we do think is ripe for simplification now and that is in the arrangements for compensation. A single compensation fund across all regulators would bring real consumer benefits and reduce regulatory costs.