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

Moving with the Times Conference Enhancing innovation through Outcomes Focused Regulation Victor Olowe Chief Executive

Introduction
‘ The relationship between regulation and innovation is complex, multi dimensional, ambiguous and dynamic .’
Department for Business Enterprise & Regulatory Reform (BERR) paper on ‘Regulation and Innovation: evidence and policy implications (2008)’

What is Innovation
Successful exploitation of new ideas resulting in positive outcomes for consumers of legal services.

Types of Innovation
The Organisation for Economic Co-operation and Development
(OECD) identifies four types of innovation:
Product Innovation
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.
Process Innovation
Process innovation involves a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software).
Source: OECD (2005)

Types of Innovation (contd)
Marketing Innovation
Marketing innovation involves a new marketing method. This includes significant changes in product design or packaging, product placement, product promotion or pricing.
Organisational Innovation
Organisational innovation involves introducing a new organisational method in the firm’s business practices, workplace organisation or external relations.
Source: OECD (2005)

Barriers to Innovation
Prescriptive based regulation
High level of regulatory uncertainty
New regulatory requirements
Insufficient time for regulated entities to adapt to new regulatory arrangements
Regulatory compliance costs
Duplication with regulatory requirements from other agencies

Strategies to address barriers to innovation
Increased focus on outcomes
Reduced prescription
Develop stronger relationships with regulated community
Enhance open dialogue
Maintain constructive challenge
Provision of clear, unambiguous advice
where appropriate

Strategies to address barriers to innovation (contd)
Proportionate new regulatory requirements
Timely consultation with the regulated community
Monitor the adoption of new ways of working
Swift and authoritative responses to complex enquiries
Maintain drive to reduce the costs of regulation
Enhancing joined up regulation where appropriate

Implications for legal services providers
Increased flexibility to experiment
Reassurance that the CLC is not waiting to pounce on regulated firms if experiments are unsuccessful
Incentive and appropriate support to innovate to deliver positive consumer outcomes
Access to reliable feedback
Reinvest the reduced cost of regulation to fund innovation projects

Summary
Regulators are not direct participants in the markets that they regulate but they can still have a positive impact on innovation
remove the barriers to innovation which are attributable to regulation
Such an approach is consistent with the Legal Services Act 2007 particularly promoting competition in the legal services market.

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

by Today's Conveyancer on Sep 17, 2011

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Today’s Conveyancer Moving With The Times Conference - Victor Olowe CEO of the Council For Licensed Conveyancers — Webinar Transcript