SRA Urged To Keep Core Of Indemnity Fund In Any Reforms

By Marialuisa Taddia (August 31, 2022, 8:55 PM BST) — The Law Society on Wednesday urged regulators to focus on protecting consumers as they consider ways to keep a funding mechanism that protects solicitors from historical negligence claims from clients.

The trade body weighed in on the consultation that the Solicitors Regulation Authority is running on different ways to reform the fund after a last-minute reprieve kept it going. Law Society president I. Stephanie Boyce said Wednesday that she welcomed the “evolution of the SRA’s position” on the issue.

The Solicitors Indemnity Fund protects solicitors against negligence claims against them stemming from work at law firms that have since gone bust without…

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https://www.law360.com/corporate-crime-uk/articles/1526360/sra-urged-to-keep-core-of-indemnity-fund-in-any-reforms