SLC seeks firm timeline from SRA for removal of run-off cover provisions

1^st April 2016

Society writes to solicitors’ regulator seeking clarity

The Society of Licensed Conveyancers has today written to the Solicitors Regulation Authority asking for a timeline for removing the requirement for firms switching regulator to exercise run-off cover on their Professional indemnity Insurance. The Society, which very much welcomes the move, has also asked for confirmation that SRA regulated firms can be supported if they wish to switch to another regulator in the meanwhile.

Simon Law, SLC Chairman said: ‘The Society is pleased that the SRA is taking steps to make permanent arrangements for the removal of the PI run-off requirement for solicitor firms switching regulator. However we believe that they should make interim arrangements with immediate effect for any firm that applies to them in order that the open and liberal market envisaged by the Legal Services Act becomes a reality without further delay. It is important that firms do not fall victim to ‘planning blight’ when seeking to make and implement their business decisions.’