Law Society officials fear that City lawyers are planning to set up a breakaway regulator, it has emerged, with a letter from the society’s own pension fund going as far as raising the spectre of regulation by the Financial Services Authority (FSA).
The fears have been highlighted in a letter written by John Hayes, the chief trustee of the Law Society’s pension scheme, to the society’s chief executive, Janet Paraskeva, citing the current review of legal service regulation by Prudential chairman Sir David Clementi.
