LSB urges Lord Chancellor to regulate will-writing

Scott Sinclair
clock

The Legal Services Board (LSB) is recommending that will-writing be subject to regulation after completing a two-year investigation during which it said it uncovered a "compelling case" for regulatory oversight of the industry.

The LSB has submitted a report to Lord Chancellor Chris Grayling recommending he amend the list of reserved activities to include will-writing. However, it has not recommended Grayling do the same for estate administration activities. Grayling has 90 days to make a decision. Currently, will-writing activity is not regulated, though many service providers - such as solicitors, who are regulated for their other activities - offer it. Solicitors, the LSB noted, turn over more than £1bn annually conducting will-writing work. The LSB said that a two-year investigation had uncovered "...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read