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Will writing regulation warning

Will writing regulation warning

Where there's a will there's a way to regulate without undermining consumer protection, a professional body has warned.

Adapting the old-English proverb, the Law Society called for the Legal Services Board (LSB) to refine its approach to competition covering will writing and estate administration or risk a diminution of consumer protection currently available. Lucy Scott-Moncrieff, the Law Society's president, welcomed the LSB's support for its campaigning priority – that will writers should be regulated – but said it should ensure universal minimum protections apply to all those who undertake reserved activities to ensure that clients are fully protected.

She said the society believes protections offered by solicitors already achieve this and it was feared the introduction of a two-tier system would be confusing to consumers. And unnecessary delay and confusion could be caused if significant changes were required. She said the LSB's plans to designate will writing and estate administration services as reserved activities would provide clear benefits for consumers, "but a multiplicity of different regulators and the possibility that existing regulators might have to amend the existing satisfactory arrangements would be a wasteful use of resources and time" and could cause widespread confusion for firms and their clients."

For advice on issues relating to wills, trusts, probate and tax and estate planning, contact our specialist solicitors for wills, call us on 01494 790002 or email estatemanagement@ibblaw.co.uk.