The Law Society president said any new fund must meet three key principles

The Law Society has today responded to a Solicitors Regulation Authority (SRA) discussion paper on the future of the Solicitors Indemnity Fund (SIF), outlining three key principles for consumer protection in relation to negligence claims brought more than six years after a firm has closed.

The SIF is a scheme aimed at protecting consumers who suffer loss from the negligence of a solicitor, but cannot claim under the law firm’s indemnity insurance because the firm has been closed for more than six years with no successor. Post six-year negligence' losses are currently covered by the fund which had been due to close to new claims in September 2022.

Controversary has surrounded the SIF in recent years, as the SRA made ...

Suzanne Townley
News Editor
Solicitors Journal

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