Katherine Rees evaluates the impact of the SRA’s financial protection policy statement
IN BRIEF
- Changes to the Assigned Risks Pool.
- What solicitors can expect in the short term.
- Fundamental review of conveyancing process.
October 2011 promises to be a time of change for the regulation of solicitors. On 6 October the Solicitors Regulation Authority (SRA) will publish its handbook, which sets out the regulatory requirements for law firms and alternative business structures (ABSs) and the brave new world of outcomes focused regulation. ABSs are due to enter the legal services market at the same time. Solicitors must also renew their insurance cover on 1 October.
The SRA has recently announced changes to the way such insurance will operate in future. On 13 April it published its financial protection policy statement, which sets out the changes it intends to implement to the compulsory insurance arrangements for the profession and identifies other areas which have been earmarked for review and consultation.
This article looks briefly at the background to the changes and summarises the differences
