More flexibility mooted on solicitors' PI

26/01/2010

Written by Marc Riches

The Solicitors Regulation Authority (SRA) is proposing to introduce more flexibility in its rules relating to professional indemnity for solicitors.

While the regulatory body states that it is keen to retain "bright-line" rules and guidelines on issues such as professional indemnity for solicitors, it is also aiming to allow some flexibility where possible.

The need to retain some formal limits and rules is due to the "clarity that they provide for firms and other stakeholders, e.g. insurers".

In its example of how a new Code of Conduct might look, the SRA lists issues relating to professional indemnity insurance as part of its first core principle for solicitors.

Core Principle 1 also requires that clients be protected to the maximum extent of the Rules' minimum threshold by a qualifying insurance policy.

A consultation period is now open, allowing professionals in the sector to express their views on the proposals until March 6th.

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