Legal background Legal services – regulatory objective for regulators to promote adherence to economic crime rules and legislation
The Legal Services Act 2007 establishes the framework for the regulation of legal services in England and Wales. It created the Legal Services Board as a single oversight board, independent of Government and of frontline regulators. The Act also designated frontline ‘approved regulators’ in relation to the various reserved legal activities defined by the Act.
	Section 1 of the Legal Services Act 2007 sets out the regulatory objectives which the Legal Services Board, approved regulators and the Office of Legal Complaints have a duty to observe. The Legal Services Board also has powers under Part 4 of the Act to performance manage regulators against the regulatory objectives.
	Existing regulatory objectives include, for example, the objective to protect and promote the public interest, to support the constitutional principle of the rule of law and to promote and maintain adherence to the professional principles.