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The Legal Services Board (“LSB”) which is responsible for approved regulators such as the Bar Council is seeking to set a maximum financial penalty for failure to comply with a requirement.
The LSB seeks to set it at £10m as a “credible deterrent” and to give the LSB “the flexibility to exercise its discretion and judgement” when setting a penalty. It may be appropriate for the LSB to apportion any penalty between the regulatory and representative arms in case one or the other has in fact been doing its job properly. The matter of fines is one question in the consultation paper, Compliance and Enforcement. The consultation closes on 28 October.
The LSB seeks to set it at £10m as a “credible deterrent” and to give the LSB “the flexibility to exercise its discretion and judgement” when setting a penalty. It may be appropriate for the LSB to apportion any penalty between the regulatory and representative arms in case one or the other has in fact been doing its job properly. The matter of fines is one question in the consultation paper, Compliance and Enforcement. The consultation closes on 28 October.
The Legal Services Board (“LSB”) which is responsible for approved regulators such as the Bar Council is seeking to set a maximum financial penalty for failure to comply with a requirement.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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