Law firm Goldsmith Williams believes that over three-quarters of brokers in England and Wales are oblivious of the major impact that Alternative Business Solutions (ABS) will have on the mortgage industry.

Goldsmith Williams surveyed a sample of its broker database on the upcoming Legal Services Act and ABS and established that 76.7% of brokers did not know what an ABS is, and therefore are unable to capitalise on the opportunities it presents.

Meanwhile, 63% of brokers didn’t understand the full implications that the wider Legal Services Act could have on their business, including the opening up of significant new revenue streams.

From 6 October 2011, as part of the Legal Services Act, businesses outside the legal sector will be able to offer a full range of services under their own brand, through the implementation of an ABS.

Goldsmith Williams conducted the survey ahead of its forthcoming event The Legal Services Act – Taking the law into your own hands, which takes place in London on 27 June.

Eddie Goldsmith , senior partner at Goldsmith Williams, said: “We weren’t surprised at all by the findings