The Solicitors Indemnity Fund (SIF) will stop accepting new claims after September 2023. It’s important to understand what this means so you can protect yourself against potential future claims.The Law Society has provided full guidance on the issue which we exract for our readers but which can also be accessed directly via this link Closure of the Solicitors Indemnity Fund
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The SRA has announced that the outcome of the consultation is that it has agreed to extend the SIF until September 2023 whilst further options to protect consumers are considered . The move comes after the SRA launched a consultation in November 2021 where it sought views from the profession about the future of SIF, which currently provides supplementary run-off
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SRA Consult on future of SIF – with closure at risk The SRA have now launched a formal consultation on the Solicitors Indemnity Fund and the clear direciton of travel appears to be towards a closure of the fund with a consequent risk to the public and all solicitors . It is vital that all Solcitors respond to the consultation
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Today is Deadline Day SIF Meeting with the SRA – This afternoon we are meeting with the SRA via Teams to discuss the future of Solicitor Indemnity Fund – run off cover . This is a vital consultation which affects retiring solicitors who may find themselves in need of insurance protection after they leave practice . We have opened this
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The LSB has placed further pressure on the SRA to expand price transparency measures in its consultation – “Draft statement of policy on empowering consumers – consultation paper ” The LSB notes in its executive summary that : Although there have been some positive market developments and new regulatory arrangements since 2016, it is clear that further action is needed
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Monday 27 September, 2-3pm Virtual meeting with the SRA to discuss post six-year run off cover We have pleasure to announce that we have managed to secure a meeting with the SRA for Yorkshire Solicitors to discuss the Post run off cover for solicitors which was to be withdrawn but is now subject to a 12 month extension whilst the
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After intensive lobbying led by the Law Society the SRA announced today that its Board had concluded that the previous decision to close SIF was to be temporarily reversed for the next 12 months whilst all options were considered for the future . The SRA recognised the changed enviroment and that the insurance market had “hardened ” such that affordable
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We remind members of their firms obligation to collect Diversity Data which must be submitted and published . The deadline for submission is 31st January and firms who do not comply are likely to face formal sanctions from the SRA . Access details here http://www.lawsociety.org.uk/advice/practice-notes/sra-equality-monitoring/
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