The BSB has reported that its income for the 2015/16 financial year is expected to be 24 per cent less than predicted, with the committee forecasting total income for the year of £1.43 million, against a projected £1.88 million. This is partly the result of a low number of entity applications; only 36 firms have been regulated as an entity so far, much less than the 400 anticipated.

‘Fundamental question or timing issue’

At a BSB meeting, lay member Malcolm Cohen said the shortfall caused concerns about the amount being spent on regulating a ‘tiny’ number of entities and questioned whether it was a timing issue or a more fundamental question about the scheme.  Source: The Law Society Gazette