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Shaping The SRA’s Reform Of Professional Indemnity Insurance For Solicitors

We were delighted to have been invited by the Solicitor Regulation Authority (SRA) to attend a select round table consultation on Tuesday 13th February 2018 on the reform of Professional Indemnity Insurance for Solicitors.

The invite follows a series of events we held in the Autumn in partnership with Aaron & Partners Solicitors, regarding the proposed changes to the Code of Conduct for Solicitors. Chris Handford, Director of Regulatory Policy and Richard Williams, Policy Associate at the SRA both delivered presentations at these events and feedback from the Solicitors attending the event was taken into consideration.

Once again we have been asked to help shape future policy impacting Solicitors and we are thrilled to have been given such an opportunity to share our industry knowledge.

In a statement from the SRA’s website, Crispin Passmore, SRA Executive Director, Policy, said:
“Indemnity insurance is one of the measures that helps clients of regulated law firms if things go wrong. It also plays a key role in protecting law firms from claims. We want to create a more flexible way for firms to provide adequate and appropriate cover without spending more on premiums than is really necessary. That could mean lower costs for firms, and therefore lower costs for the users of legal services.”

Richard Amphlett, Director at Cox Mahon, says:
“Along with the participating insurers, the leading insurance brokers for the legal profession are key in this consultation process. We look forward to providing feedback and guidance to the SRA on behalf of our clients.”

Next steps will be for the SRA to commence the formal consultation process with the legal profession across England and Wales.