SRA now managing the Solicitors Indemnity Fund
The Solicitors Regulation Authority (SRA) has now taken over management of the Solicitors Indemnity Fund (SIF).
The SRA Board decided in January to bring SIF under its control to make sure consumer protection continues for post six-year negligence claims. The new arrangements came into effect yesterday (Sunday, 1 October).
To support members of the public in making claims, the SRA has published a new claim form with supporting information on its website.
By taking responsibility for the operation of SIF, the SRA will ensure appropriate oversight and governance of the scheme. Change should also lead to a reduction in the scheme’s running costs compared to the previous arrangements, meaning more money will be available for the fund’s core purpose of settling claims.
The SRA announced in September that it had appointed insurance services provider Polo Works on an 18-month contract to handle new and existing SIF claims. Polo will work closely with the SIF panel firms currently handling open claims to make sure of a smooth handover and continuity of service.
Paul Philip, SRA Chief Executive said: ‘Both the public and profession value the protections the SIF provides. By running the scheme ourselves, we will provide assurance for all that there is ongoing protection for clients.
‘Running the scheme will also give us clear oversight of how the indemnity operates, enabling us to run it efficiently and realise potential cost savings.’
The SIF will also provide ongoing consumer protection against losses relating to work done before 2000 when the SIF provided indemnity to all solicitors' firms.