Clause 72

Part of Legal Services Bill [Lords] – in a Public Bill Committee at 8:45 pm on 19 June 2007.

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Photo of Bridget Prentice Bridget Prentice Parliamentary Under-Secretary, Ministry of Justice 8:45, 19 June 2007

I am not saying that anyone could effectively own an ABS, because a raft of other issues are included in the fitness-to-own test. However, the hon. Gentleman is ahead of me on the issue of a beneficial owner who is not on the list, so to speak. I shall have to consider that in more detail and get back to him, in order to ensure that I can reassure him on that.

The 10 per cent. figure was decided on because that was what the Financial Services and Markets Act 2000 used. We used it to be consistent.

Finally, it is important that recognised bodies are not restricted to legal services that only the partners of the firm provide but can cover the services provided by the employees, who carry out much of the firm’s services to clients. That is why employees and managers all had to be defined in a similar fashion.

I hope that that covers the issues raised by the hon. Gentlemen. When I look at Hansard, if I see that there are points that I have not covered I will write to the Committee.