Apparently, "The Legal Services Board could punish non-compliant regulators with multi-million-pound fines " - see http://tinyurl.com/nwsa6a
And how will the regulators pay those fines? By charging them out to those they regulate
The net result will be (a) over-cautious regulation resulting in a massive increase in red tape for lawyers to comply with (b) an over-cautious approach by lawyers, resulting in even slower and more expensive legal services and (c) the risk of swingeing increases in practicising certificate fees, to pay for the regulators' own mistakes and the desire for the LSB to show it has "teeth"
None of this will help the user of legal services one jot, but if it results in complete meltdown perhaps we can start again - a post-Apocalyptic future