With effect from 31 October 2011 the CLSB became an Approved Regulator under the Legal Services Act 2007. Its regulatory work for the Costs Lawyer profession includes setting and maintaining standards, this is achieved by:
- Setting and overseeing education and training requirements that need to be met to qualify as a Costs Lawyer.
- Setting and overseeing continuing professional development (CPD) required of a CLSB authorised and regulated Costs Lawyers.
- Setting the professional standard expected of a CLSB authorised and regulated Costs Lawyer by way of a Code of Conduct and Practising Rules.
- Implementing disciplinary mechanisms for any CLSB authorised and regulated Costs Lawyer who might fall short of the professional standard expected of them.
The Legal Services Board oversees the work of the CLSB to ensure all regulatory provisions are met under the Legal Services Act 2007 and other prevailing legislation.