Sir David Clementi’s review of legal regulation has sparked other professional services industries to analyse their own regulatory functions.
The Royal Institution of Chartered Surveyors (RICS) last week announced that it had engaged Sir Bryan Cars-berg to review its regulatory function, prompted in part by government-driven consultations such as Clementi’s.
Unlike the Law Society and the Bar Council, the RICS is not the designated professional body for surveyors, although it is the profession’s largest regulator. Under his terms of reference, Carsberg will examine various proposals, including the introduction of practising certificates, which are mandatory for both solicitors and barristers.
He will also look at the possibility of multidisciplinary partnerships (MDPs), which Clementi’s review is also examining. There could be many advantages for high street solicitors if both the legal and property professions allow MDPs, as it would enable lawyers to work in tandem with surveyors and estate agents to provide a seamless service.
Carsberg said good regulation would be “cost-effective”, adding that self-regulation is key to maintaining standards.
“You have to have people involved in regulation who understand the business,” insisted Carsberg.