The Regulation Of Provided Legal Services

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Introduction
The regulation of provided legal services is imperative towards the functionality of the justice system. As indicated by Sir David Clementi regulation fulfills six distinctive purposes of which incorporates access to justice, protection and advancement of consumer interest, promotion of competition, public understanding of a native 's legitimate rights and the maintenance of the rule of law.
The SRA Code of Conduct represents an ambitious attempt to merge consumer protection and professionalism. As it stands, the regulatory framework of the legal profession was established by the Legal Services Act, 2007 . Further to this, section 12 of the legislation outlines six legal activities that may only be executed by authorized
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Secondly, the SRA protects consumer interest and offers consultation with the public and professionals to ensure that standards are met. The SRA Code of Conduct 2011 is a subordinate enactment in that its formulation requires Parliament’s approval.
It would appear that the SRA Codes are based on the approach of risk-based regulation. It is critical therefore to comprehend what risk implies in this specific circumstance. Despite its common usage, risk-based regulation is utilized in numerous disciplines for a variation of meanings. In this context, risk – based regulation is figuring out if a certain action should be controlled or to what degree safeguard measures firms should adhere to. Furthermore, the risk based approach taken by the SRA has two steps which are impact and probability of the risk.
Perhaps a serious shortcoming with this approach is the inability to evaluate both steps lacking sufficient data. For instance, the SRA might notice a new kind of fraud emerging but the organization’s knowledge of such impact is limited. If a risk is hard to measure, it is frequently said to be ‘instability’ instead of 'risk '. Therefore, the SRA manages risk that is mostly "instabilities" in a technical sense.
It is reasonable to question to what extent does the SRA Codes deal with risk and the association between risk and ethics in relation to those codes. One aspect of a risk based approach is exemplified by way of the implementation of the Solicitors’ Code
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