SRA grants a further extension to SIF - Bulletin from Lockton Insurance

Submitted by Sheila on Mon, 21/06/2021 - 13:17
Lockton Insurance

Dear Member,

Further to our newsletter regarding the extension to SIF, Our sponsors, Lockton Insurance have issued a bulletin and asked the SPG to share it with our members. Please see their comments below:

"We write to advise that the Solicitors Regulation Authority (SRA) has announced a further 12 month extension to The Solicitors Indemnity Fund (SIF), meaning the planned closure will now not be taking place on 30th September 2021."

From a Lockton perspective, we welcome the extension and the short term reassurance for many existing and retired principals, who faced the possibility of being personally responsible for historic claims years after the closure of their firms.

“The SRA says the latest extension will allow for work to agree a long-term position on whether there is a place for post six-year cover in its regulatory arrangements.

Attention will now turn to reviewing comparable run-off cover arrangements, claims patterns, impact assessments and ultimately winding up the SIF.” – read the full article HERE.

Lockton will continue to work closely with insurers, SRA and The Law Society and do our utmost to ensure a positive solution for the profession.

If you would like to discuss this topic further then please speak with your Lockton representative who will happily assist."

Danny Seaman - Lockton Insurance.