The Bar Standards Board (BSB) has proposed that it should be given, for the first time, the power to intervene in barristers’ practices and chambers. It also wants new powers on fines and setting up a compensation fund.
Claims management companies (CMCs) which break the rules this year face potentially huge fines – of up to 20% for those with an annual turnover of more than £500,000. Smaller CMCs can be fined up to £100,000.
ILEX Professional Standards (IPS) has applied to the Legal Services Board (LSB) to raise the maximum fines limit for chartered legal executives from the current £3,000 to a top level of £50m.