The closure of the Solicitors indemnity Fund (SIF) should not be treated as a fait accompli, solicitor (non-practising) Andrew Stovin writes in this week’s NLJ.
He argues there is no reason for it to close at all, and questions the ethics of a decision that will deprive retired and retiring solicitors of indemnity cover.
‘The funds were raised from the profession specifically for indemnity purposes and should absolutely remain in place for that purpose,’ he writes.
SIF was a mutual indemnity fund for solicitors which closed in 2000 so solicitors could obtain cover on the open market. It will stop accepting new claims in September this year.
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