SLC write to SRA over end of run-off cover
The Society of Licensed Conveyancers have written to the Solicitors Regulatory Authority over the end of run off cover provision.
The SLC have asked for the SRA to set a timeline for removing the requirement for firms switching regulator to exercise run-off cover on professional indemnity insurance.
The SLC say they welcome the move and have also asked for the SRA to confirm that firms can be supported if hey switch regulators in the meantime.
SLC Chairman Simon Law said: “The Society is pleased that the SRA is taking steps to make permanent arrangements for the removal of the PI run-off requirement for solicitor firms switching regulator.
“However we believe that they should make interim arrangements with immediate effect for any firm that applies to them in order that the open and liberal market envisaged by the Legal Services Act becomes a reality without further delay. It is important that firms do not fall victim to ‘planning blight’ when seeking to make and implement their business decisions.”