| Practice area: | Behavioural Economics | Consumer markets and protection | Regulatory economics |
|---|---|
| Client: | Legal Services Consumer Panel |
| Published: | 15 June, 2023 |
| Keywords: | 2023 behavioural consumer consumer protection |
London Economics was commissioned by the Legal Services Consumer Panel – an independent arm of the Legal Services Board – to undertake research to develop a set of indicators to serve as guidance on good practice in consumer focused regulation.
The Legal Services Consumer Panel is calling on legal services regulators to focus more of their effort on delivering better outcomes for consumers. This in turn will help the public and service providers. The research found that there is ample room for improvement in the regulation of legal services. For example, there is a need to invest more in consumer research which shapes and influences regulators’ strategies, and in turn informs their governance and board decisions.
The report also highlights the need to pool resources in some areas for effective and efficient outcomes. Regulators should consider collaborating with each other on consumer segmentation and consumer vulnerability and to provide a cohesive response to emerging threats and opportunities. The report draws on best practices and learnings from financial services, telecommunications and legal services.
This report will be incorporated into the Legal Services Board’s regulatory performance framework sourcebook, so that regulators may self-assess against the consumer focused indicators outlined in the report, to help improve their performance against the LSB’s own standards.
The Full Report is available here.