Regulators face the challenge of balancing accessibility and dependability when ensuring the quality of products and services.
Accessibility is a combination of affordability and convenience, while dependability is a combination of proficiency and trustworthiness. Regulators have to compromise to create a market that is both accessible and dependable, working well for buyers and sellers while serving the public interest.
Legal regulators have restricted the supply of legal service providers to only the members of the legal profession, making it challenging to ensure that those providers are widely or even moderately accessible or convenient. Increasing the supply of authorised providers is one way to strike a better balance, but regulatory capture by the legal profession makes it difficult to accomplish this feat.
Source: Jordan Furlong
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