Frank Maher issues a final warning for solicitors to respond to the SRA discussion paper on PII cover
Most solicitors’ firms are in the process of renewing their professional indemnity insurance for 1 October 2015. But another deadline looms large on the horizon—the closing date for responses to the Solicitors Regulation Authority (SRA) Discussion paper, Protecting client’s financial interests. Ignore it at your peril—16 September is the last chance to make your views known, and firms of all sizes have every reason to respond: if all the changes under discussion were implemented, we would be moving from a world where virtually all claims are covered to one where few have the broad protection of the SRA minimum terms and conditions (MTC).
Where are we up to?
First, however, where are we up to with the renewal? It may be the last on the current MTC (a point to bear in mind for those thinking of retirement and triggering run-off before its scope is dramatically reduced).
The writer’s recent series of three articles outlined what firms should be looking for,
