"We decided that there is an important role in the legal market for a specialist regulator as an alternative to the generalist regulators."
The Council for Licensed Conveyancers says it aims to be the regulator of choice for all property lawyers by 2022.
The CLC had previously explored widening the scope of its regulation to encompass activities other than conveyancing and probate, but conveyancers told the firm that there is "no market demand for another generalist regulator".
CLC Chair Dame Janet Paraskeva said: “We decided that there is an important role in the legal market for a specialist regulator as an alternative to the generalist regulators. Our research has found that licensed conveyancers, and indeed a growing number of solicitors, see a real benefit in having regulation tailored to their own areas of practice.”
CLC chief executive Sheila Kumar added: “There is already a lot of confidence in the work of the CLC, whether from lenders, the Legal Services Board, those we regulate or others we deal with.
“Our approach is built on our close working with the firms we regulate and knowledge of them. They know that we want to help them address difficulties before they become a serious risk to clients.
“The strategy for the next four years builds on the hard work of the last three years – during which time we have made substantial changes to the way the CLC operates – and will benefit those we regulate and, more importantly still, those they serve.”