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The Legal Services Consumer Panel today expressed concerned that “the recent emphasis on deregulation… is being taken too far”, while also praising the innovation seen to date through alternative business structures.

Four law firms have recently lost £2m from their client accounts after falling victim to scammers who tricked them into disclosing bank security information over the telephone, the Solicitors Regulation Authority has warned.

The average time taken by the Solicitors Regulation Authority to approve alternative business structure applications has fallen to an average of three months, it has emerged. As a result the Legal Services Board may end its formal monitoring of the authority’s progress.

The Solicitors Regulation Authority is planning a major consultation on ethical values with the profession and the public next summer, chief executive Paul Philip announced yesterday.

Law firms should be able to provide accountancy and other services without setting up separate businesses to help them compete with alternative business structures, the Solicitors Regulation Authority has proposed.