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09 July 2015 / Frank Maher
Issue: 7660 / Categories: Features , Insurance surgery , Profession
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The PII countdown begins (Pt 1)

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Professional indemnity insurance: Frank Maher casts an expert eye over what to expect

With approximately 90 per cent of the profession still renewing its professional indemnity insurance (PII) on 1 October 2015, we look at what to expect and what to look out for. This is the first of three articles—the second of these will look at problem cases, and the third will look at the implications of possible changes in compulsory cover. In this article, we look at market conditions and the factors to consider on renewal.

Top of the agenda is that insurers have been hit by large claims arising from bank scams, and at least two of the larger ones will be asking specific questions on firms’ training and controls. All staff need training, not just accounts staff. By way of example, questions are being asked about what controls you have put in place to combat internal and external frauds and scams. Firms are being asked for details of training, including to whom it is provided

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MOVERS & SHAKERS

Flint Bishop—Charlotte Harris

Flint Bishop—Charlotte Harris

Sheffield expansion continues with appointment of commercial property partner

Browne Jacobson—Paul Duggan

Browne Jacobson—Paul Duggan

Browne Jacobson strengthens banking and finance practice with latest partner appointment Paul Duggan

Ward Hadaway—Chris Piggott

Ward Hadaway—Chris Piggott

Employment partner joins Ward Hadaway

NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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