Solicitors Regulation Authority (SRA)
SRA investigates two uninsured firms
Two uninsured law firms that should have closed at the end of 2014 are being investigated by the Solicitors Regulation Authority.
49 law firms enter PI cessation period
12 law firms have been forced to close their businesses after failing to obtain professional indemnity cover, the Solicitors Regulation Authority has confirmed, while 49 have yet to renew PI cover.
ABS licensing change approved by LSB
Measures to make it simpler for multi-disciplinary practices to be licensed as alternative business structures by the Solicitors Regulation Authority have been approved by the Legal Services Board.
C-Suite - Broker: Groundhog day
The continued use of unrated insurers in the solictor’s professional indemnity market is concerning
North of the border: A shift in Scottish solicitor regulation
The Law Society of Scotland has launched two consultations on significant changes to the regulation of solicitors in Scotland.
Chancery PII plans ‘steady and stable growth' in solicitors' PI
Chancery PII has gained valuable experience from its first year in the solicitors' professional indemnity market and wants to make rated capacity available to a wider range of firms, according to director Tim Norman.
ABI welcomes LSB delay on 'misguided' PI cover reduction
The Association of British Insurers has described the decision by the Legal Services Board to prevent a reduction in the minimum terms for solicitors’ professional indemnity insurance ahead of the October renewal period as “a victory for common sense”.
SRA fails to gain approval for PI cover change ahead of renewals
A reduction in the limit for mandatory professional indemnity cover will not take place before the October renewals after the Legal Services Board issued a warning notice delaying its decision on the change by up to twelve months.
SRA's minimum terms change in doubt after LSB delays approval decision
The Solicitors Regulation Authority’s plan to cut the mandatory professional indemnity limit for solicitors in time for the October renewal season looks in doubt after the Legal Services Board extended the time-frame for making a decision on the change.
Legal bodies slam SRA minimum terms manoeuvre
Several members of the legal fraternity have written to the Legal Services Board urging it to reject the Solicitors Regulation Authority’s proposal to cut to the minimum limit for solicitors' professional indemnity cover to £500 000.
Editor's comment: Misguided? That’s putting it lightly
Underinsurance is a huge issue for the whole of the insurance sector and an ongoing battle for brokers, while putting the customer at the heart of every decision is becoming a mantra for the Financial Conduct Authority.
Brokers expected to prove worth after cut to minimum level of solicitors’ PI
ABI criticises SRA’s ‘misguided idea’ that reduction will lower premiums
SRA cuts mandatory PI cover limit to £500 000
The Solicitors Regulation Authority has reduced the minimum level of professional indemnity cover for solicitors to £500 000.
Alternative Business Structures: A quick fix?
The ownership of legal firms by non-lawyers via alternative business structures has always been contentious – but as the Transport Select Committee launches an investigation into the models Post finds out whether the existing structures are being used as…
Solicitors face being struck-off over PI non-diclosure
Twenty-three law firms face being struck off if an investigation by the Solicitors Regulation Authority finds they withheld information in order to gain professional indemnity cover.
SRA investigating law firms over non-disclosure to insurers
A total of 23 law firms are being investigated by the Solicitors Regulation Authority for non-disclosure to insurers following last year’s professional indemnity insurance renewal.
SRA proposes aggregation limit and run-off cut for compulsory PI cover
The Solicitors Regulation Authority has proposed cutting the limit of compulsory professional indemnity cover to £500 000 for any one claim, and introducing an aggregation limit, in its consultation on the PI minimum terms published today.
Editor's comment: Anyone for a game of hot potato?
Most of us are familiar with the children’s party game ‘hot potato’ where players in a circle toss a small object to each other while music plays.
SRA ditches plans for introducing minimum rating criteria for PI players
Body’s plan for new minimum terms fails to convince
SRA to launch minimum terms consultation
The Solicitors Regulation Authority will launch a consultation next week on whether the minimum terms for solicitors' professional indemnity should be revised.
Firms deny dodging referral fee ban as select committee prepares ABS report
MP concerned insurers are using alternative business structures to circumvent ban.
Industry doubtful SRA minimum rating plan can boost solicitors’ PI market
Regulator finishes eight-week consultation on possible ‘B’ minimum.
Allianz approved for ABS with Serious Law
Allianz has been granted an Alternative Business Structure licence, and will launch a partnership with catastrophic personal injury specialists Serious Law.
Solicitors’ Professional Indemnity: Whipping up a storm
With the Jackson reforms and the ‘Plebgate’ debacle presenting solicitors with a host of new challenges, what impact has this all had on the solicitor’s professional indemnity market?