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The venture capitalists already invested in the UK’s first alternative business structure have added one of the country’s largest probate and estate administration providers to their portfolio, Legal Futures can reveal.

Consumers, solicitors and will-writers have united to condemn the Legal Services Board’s decision not to recommend to the government that estate administration become a regulated activity. However, chartered accountants have welcomed it.

The regulation of will-writing and estate administration needs to be drawn widely to ensure that the referral fee culture that has prevailed in personal injury does not emerge in private client work, the Law Society has warned.

The reservation of will-writing and estate administration should boost the amount of work and allow existing providers such as solicitors to become more competitive, the Legal Services Board said today as it laid out how the regime will work.

It is hard to see which of the frontline regulators would regulate banks if will-writing and estate administration become reserved legal activities, the British Bankers Association has said. It also said FSA regulation covered what the Legal Services Board was seeking to do.