117 firms at risk

The Solicitors Regulation Authority (SRA) has revealed that 117 firms have still not managed to renew their professional indemnity insurance, and will have to do so or cease practising by 29 December 2013. 

The firms, who are in the final stages of the extended policy period, are working with the SRA to resolve the situation, but 14 of them are yet to sign off their compliance plans, and are at risk of disciplinary action, the SRA warned.

Mike Haley, SRA director of supervision, says: “Some firms are better than others when it comes to addressing all the issues associated with an orderly wind-down, for example ensuring archived files are stored properly. Firms that continue to practise after 29 December or fail to wind down in an orderly fashion will be subject to swift regulatory action. Exercising our powers of intervention may be considered where it is necessary and appropriate in the public interest.”