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Delaying changes to PII allows firms some breathing space

Stalling the SRA's PII ensures firms can thoroughly discuss what cover they need, especially since new types of claims are evolving, says Michael Black

2 September 2014

Numerous stakeholders publicly lauded the Legal Services Board's (LSB) announcement to delay a decision on the Solicitor Regulation Authority's (SRA) proposed changes to the minimum terms and conditions for solicitors professional indemnity insurance (PII).

As specialist advisers to firms on risk and compliance issues, we agree and are somewhat relieved that any changes will not take effect until next year. Having read both the SRA consultation and summary of responses, we remain unclear as to why the regulator appeared so determined to push through these changes this year, particularly the reduction in the minimum level of cover.

That is not to say that the SRA was wrong to hold the consultation, there are clearly many issues which need careful thought and debate, but given that many firms would have been left in a state of flux with the renewal period already upon us, the LSB's stance has now allowed firms the breathing space they need to properly consi...

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