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What next for solicitors’ professional indemnity?

Results of the general election and Brexit negotiations may lead to volatile times ahead, as well as trigger an increase in claims, suggests Julian Smart

3 July 2017

Solicitors have faced a barrage of risks over recent years and 2016/17 was no exception. While many lender claims and mortgage fraud allegations triggered by the property crash have now tailed off, they have been replaced by issues which are equally as serious for law firms and their clients. Fraud remains one such risk. It comes in several guises and fraudsters are becoming increasingly inventive.

Seller fraud

To conveyancers, ‘seller fraud’ remains very much a risk at the red end of the scale and one which they are constantly on alert for. Non-conveyancers will be amazed by the myriad of ways fraudsters can impersonate genuine sellers of property, such that buyers and lenders are persuaded to transfer funds to the fraudsters. Of course, in those unfortunate situations the solicitors involved in the transactions (and their PI insurers) are targ...

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