The final rules for bringing the Solicitors Indemnity Fund (SIF) under the control of the Solicitors Regulation Authority (SRA) have been agreed.
The arrangement, likely to become effective from October subject to Legal Services Board approval, will protect clients and former practitioners from post six-year negligence claims, ensure oversight and governance of the scheme, and reduce SIF’s running costs.
The SRA confirmed it does not anticipate having to levy funds from the profession for the scheme in the near future, although it might need to consult on long-term funding options at a later date.
SRA chief executive Paul Philip said: ‘The SRA-run scheme will provide assurance for all that there is ongoing protection for clients. By running the scheme we can make sure it runs as efficiently and effectively as possible.’
Issue:
8014
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Categories:
Legal News
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Profession
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Insurance / reinsurance
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Professional negligence
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Regulatory
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