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Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers
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Today's Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers

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Today's Conveyancer Conference 7th September 2011 presentation by Victor Olowe Chief Executive of the Council for Licensed Conveyancers. www.todaysconveyancer.co.uk

Today's Conveyancer Conference 7th September 2011 presentation by Victor Olowe Chief Executive of the Council for Licensed Conveyancers. www.todaysconveyancer.co.uk

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  • 1. Moving with the Times Conference Enhancing innovation through Outcomes Focused Regulation Victor Olowe Chief Executive
  • 2. Introduction <ul><li>‘ The relationship between regulation and innovation is complex, multi dimensional, ambiguous and dynamic .’ </li></ul><ul><li>Department for Business Enterprise & Regulatory Reform (BERR) paper on ‘Regulation and Innovation: evidence and policy implications (2008)’ </li></ul>
  • 3. What is Innovation <ul><li>Successful exploitation of new ideas resulting in positive outcomes for consumers of legal services. </li></ul>
  • 4. Types of Innovation <ul><li>The Organisation for Economic Co-operation and Development </li></ul><ul><li>(OECD) identifies four types of innovation: </li></ul><ul><li>Product Innovation </li></ul><ul><li>Product Innovation involves a good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics. </li></ul><ul><li>Process Innovation </li></ul><ul><li>Process innovation involves a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software). </li></ul><ul><li>Source: OECD (2005) </li></ul>
  • 5. Types of Innovation (contd) <ul><li>Marketing Innovation </li></ul><ul><li>Marketing innovation involves a new marketing method. This includes significant changes in product design or packaging, product placement, product promotion or pricing. </li></ul><ul><li>Organisational Innovation </li></ul><ul><li>Organisational innovation involves introducing a new organisational method in the firm’s business practices, workplace organisation or external relations. </li></ul><ul><li>Source: OECD (2005) </li></ul>
  • 6. Barriers to Innovation <ul><li>Prescriptive based regulation </li></ul><ul><li>High level of regulatory uncertainty </li></ul><ul><li>New regulatory requirements </li></ul><ul><li>Insufficient time for regulated entities to adapt to new regulatory arrangements </li></ul><ul><li>Regulatory compliance costs </li></ul><ul><li>Duplication with regulatory requirements from other agencies </li></ul>
  • 7. Strategies to address barriers to innovation <ul><li>Increased focus on outcomes </li></ul><ul><li>Reduced prescription </li></ul><ul><li>Develop stronger relationships with regulated community </li></ul><ul><li>Enhance open dialogue </li></ul><ul><li>Maintain constructive challenge </li></ul><ul><li>Provision of clear, unambiguous advice </li></ul><ul><li>where appropriate </li></ul>
  • 8. Strategies to address barriers to innovation (contd) <ul><li>Proportionate new regulatory requirements </li></ul><ul><li>Timely consultation with the regulated community </li></ul><ul><li>Monitor the adoption of new ways of working </li></ul><ul><li>Swift and authoritative responses to complex enquiries </li></ul><ul><li>Maintain drive to reduce the costs of regulation </li></ul><ul><li>Enhancing joined up regulation where appropriate </li></ul>
  • 9. Implications for legal services providers <ul><li>Increased flexibility to experiment </li></ul><ul><li>Reassurance that the CLC is not waiting to pounce on regulated firms if experiments are unsuccessful </li></ul><ul><li>Incentive and appropriate support to innovate to deliver positive consumer outcomes </li></ul><ul><li>Access to reliable feedback </li></ul><ul><li>Reinvest the reduced cost of regulation to fund innovation projects </li></ul>
  • 10. Summary <ul><li>Regulators are not direct participants in the markets that they regulate but they can still have a positive impact on innovation </li></ul><ul><ul><li>remove the barriers to innovation which are attributable to regulation </li></ul></ul><ul><li>Such an approach is consistent with the Legal Services Act 2007 particularly promoting competition in the legal services market. </li></ul>
  • 11. © Copyright CLC 2009 Questions
  • 12. © Copyright CLC 2009

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