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Balancing risks: How the SRA's FP2 affects PII

Elliott Vigar, head of regulation at the Law Society of England and Wales, explores the fallout from the SRA’s second-stage financial protection review

12 July 2012

As the 2012 renewal season approaches, those of you who have kept an eye on the ever-changing realities ?of the solicitors professional indemnity insurance market will be aware that the Solicitors Regulation Authority (SRA) has, over the past few years, been undertaking a ?holistic review of the financial protection provisions governing solicitors’ mandatory professional indemnity arrangements, which augured significant change. This process has now ?been fundamentally completed and we can begin to consider what the ramifications may be.

It is broadly accepted by all stakeholders, including the ?Law Society, that such a review was necessary and timely, given the increasingly polarised state of the market in terms of coverage for segments of the profession and the stultifying effect of a bloated assi...

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