CLC applies to LSB for approval of new run-off cover regime
The Council for Licensed Conveyancers has written to the Legal Services Board for approval of it’s new public indemnity insurance plan. It follows the end of the consultation on the matter, with the CLC’s proposals supported by responses from both CLC and SRA practices. The new regime will be capped at £2 million per firm. […]
Land Registry Practice Guide Amendment & April Transaction Data
The Land Registry has recently made amendments to Practice Guide 39, which covers Rectification and Indemnity. This guide is aimed at conveyancers and shows information on how to apply for rectification and compensation which is paid to those who have suffered loss due to a mistake in the register. Rectification of mistakes can be applied […]
CLC opens up consultation on Professional Indemnity Insurance for members
The Council for Licensed Conveyancers has opened up a consultation on professional indemnity insurance which they say will help firms switch regulators. If enacted the proposals will enable firms to find PII on a completely open market with providers signing up to minimum terms and conditions set out in a Participating Insurers Agreement. Another proposed […]
SRA to end post run-off insurance cover in four years
The Solicitors Regulation Authority have said there will be no extension to the current insurance cover for closed firms beyond the present six year run-off period. Any practice that has shut since September 2000 without a successor currently enjoys additional professional insurance cover through the old Solicitors Indemnity Fund (SIF) for any claim made after […]
