Brokers not ready for Legal Services Act

Published: 01/06/2011

More than three quarters of the country’s leading brokers are unaware of the huge impact that Alternative Business Solutions (ABS) will have on the mortgage industry.

That is the finding of law firm Goldsmith Williams, which surveyed a sample of its broker database on the upcoming Legal Services Act and ABS. It revealed that 76.7 per cent of brokers did not know what an ABS is, and therefore are unable to capitalise on the opportunities it presents.

A considerable 63 per cent of brokers didn’t understand the full implications that the wider Legal Services Act could have on their business – including the opening up of significant new revenue streams.

Goldsmith Williams conducted the survey ahead of its forthcoming event The Legal Services Act – Taking the law into your own hands, which takes place in London on 27 June.

From 6 October 2011, as part of the Legal Services Act, businesses outside the legal sector will be able to offer a full range of services under their own brand, through the implementation of an ABS.

Eddie Goldsmith, senior partner at Goldsmith Williams, said: “We weren’t surprised at all by the findings, in fact they highlight exactly why we are holding the conference.

“The legislation will herald the biggest change in legal services delivery in decades and the mortgage industry should be ready to take advantage of all the opportunities that it presents.

“The event will explore how the mortgage sector can prepare for the introduction of the act and be ready to evolve and grow their businesses through offering these new services.”

Professor Stephen Mayson, director of the Legal Services Institute is the keynote speaker and a range of experts will provide valuable insights into aspects of ABS. The event will also include networking opportunities.

Each delegate can claim five CPD points and will receive a certificate of attendance.

The event takes place at Holiday Inn Regents Park, London and starts at 9.30am. Tickets are priced at £159, which includes lunch and refreshments.

Click here for more information or to book tickets please.

Content correct at time of publication

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