In the context of the debate about quality and its assurance and assessment in higher education, a study was undertaken of professional regulatory bodies (PRBs), and their involvement in British higher education. The study involved a survey of 92 professional and regulatory bodies, in-depth interviews with group representatives, discussions at a seminar, and a review of the literature. The research revealed that: (1) PRBs are varied in organization, scope, power and involvement in their field, which is reflected in a wide range of types of involvement in higher education; (2) the professional-client relationship is one of a power imbalance brought about by the professional's knowledge and ability and the client's needs (although professional values supposedly proscribe the exploitation of this relationship); (3) the professional body is entrusted with ensuring the public interest in the absence of any effective checks on the activities of the professional through the operation of the market; and (4) although professional bodies vary enormously in their requirements, there is a broad tendency among many professions for a distinction between initial education and professional training. The study also led to a series of recommendations such as that professional bodies should define the specific competencies and underpinning knowledge required of their practitioners and the trend toward indirect monitoring of standards should be encouraged. Appendixes contain additional tables of data, information on methodology, and a model of external quality monitoring. (Contains 75 references.) (JB)