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

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

  1. 1. Moving with the Times Conference Enhancing innovation through Outcomes Focused Regulation Victor Olowe Chief Executive
  2. 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. 3. What is Innovation <ul><li>Successful exploitation of new ideas resulting in positive outcomes for consumers of legal services. </li></ul>
  4. 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. 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. 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. 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. 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. 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. 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. 11. © Copyright CLC 2009 Questions
  12. 12. © Copyright CLC 2009

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