Mitigating the Risk of Cyber Fraud
Conveyancers are a prime target for cyber criminals as they regularly deal with such significant sums of money. Between March 2020 and March 2021, the SRA reported 147% increase in cyber attacks on law firms when comparing the first 3 months of 2020 to the first three months of 2021. The repercussions of cyber attackers […]
CLC confirms 6 practices close due to PII fiasco
The CLC has today responded to confirmation that 6 of its regulated firms have been forced to close following the failure to secure PII cover. In a statement released on the CLC website, the regulator has urged its members to respond to the open Call for Evidence on the operation of PII. The statement in […]
Conveyancers miss SDLT relief resulting in massive overpayments and claims
PI insurer Howdens have reported insurers seeing a significant increase in claims arising from a failure to apply for Multiple Dwellings Relief (MDR) from SDLT resulting in massive overpayments of SDLT to the treasury. The findings came to light at a roundtable hosted by Howden and SDLT Compass convened to discuss opportunities around SDLT relief […]
Conveyancers beware as data stolen from listed law firm
Cyber crime hit the headlines again last week as listed city firm Gateley reported client data had been stolen during an attack on its IT network. A statement to the London Stock Exchange on 16th June confirmed that the firm was managing an incident in which its IT system had been breached and client data […]
SRA extends post run off cover ahead of consultation
The Solicitors Regulation Authority (SRA) has decided to extend the Solicitors Indemnity Fund (SIF) by a further year in order to allow consultation on the future of post six-year run-off cover. The extension is subject to an affordability test because the fund is, in economic terms, now deemed beyond the time when a conventional insurance […]
Q&A with Steve Johnson and Jeremy Dorkins
Search provider poweredbypie has worked with CLS PI for almost ten years. CLS is a leading provider of products and services for Legal Indemnities and Estate Administration matters. We spoke to Jeremy Dorkins, UK Director of Customer Success at poweredbypie and Steve Johnson, National Key Account Manager, CLS PI to find out more about indemnity […]
Chancel Legal Indemnity Insurance case studies in conveyancing risk management
A series of case study articles giving real life examples of the protection provided by specialist Legal Indemnity Insurance: protection for the insured and risk management for conveyancers and property solicitors. In this article, we look at a case study example of where CLS provided Chancel Legal Indemnity Insurance. CLS Property Insight is highlighting how […]
Potential claims for SDLT errors could cause a professional indemnity crisis
– with premiums rising up to 30% in 2021 Last month, an industry reforming technology was launched for the legal profession, protecting property lawyers and conveyancers against an ongoing professional indemnity crisis surrounding SDLT. Evolving at speed across the nation, residential conveyancing remains the area of practice where most insurance notifications are received, with residential […]
PII and Start-ups
The past year has certainly provided many challenges to this industry but we shouldn’t let that overshadow the fact that we’re at an exciting time in the development of conveyancing services. The last few years have seen an explosion of innovation with the development of new tools and technology that are revolutionising the home buying […]
Professional indemnity insurance policies must provide clarity on cyber-related risks
The Law Society has today voiced its support of the Solicitors Regulation Authority (SRA) as it consults on proposed changes to the minimum terms and conditions (MTCs) for professional indemnity insurance (PII) policies so they’re clearer on cyber-related risks. The SRA’s consultation response is in reaction to demands from the insurance industry for PII policies […]
Professional Indemnity Insurance Renewals – Creating confidence for your insurer
The latest details for the next Minerva conversation has been released. This series of webinars has brought together some of the best influencers, regulators and experts within the industry. This time sees the team from Insurance experts Gallaghers’ Risk Team provide advice around achieving favourable terms, how to mitigate and minimise risk when applying from […]
Man Without Smiling Face Should Not Open Shop!
The best way to avoid dealing with difficult people to prevent them from becoming difficult in the first place. No one likes complaints. A customer complaint can invokes feeling of hurt, anger and sadness and sometimes fear. If you are the subject of the complaint, you may instinctively rush to defend yourself, or perhaps you […]
CLC launches cyber insurance consultation
The Council for Licensed Conveyancers (CLC).has launched a consultation aimed at clarifying the extent to which cyber-related losses are covered by professional indemnity insurance (PII). The six-week consultation is in response to directions from both the Prudential Regulation Authority and Lloyd’s of London to manage ‘silent’ risk by being explicit on whether coverage is provided […]
Ground rent doubling negligence claim
A case has been brought against a conveyancing firm for failure to notify their client of the incremental increases in ground rent on their leasehold property. The case relates to the previously common practice of builders selling new-build properties with leasehold tenures, with an agreement that the ground rent would double every 5-10 years. Carole […]
Why a Digital ID Standard is a welcome step for conveyancers
Following on from our chat with Mike Harlow from HM Land Registry about Safe Harbour being a positive catalyst for change, Alastair Johnson is Founder and CEO of Nuggets, a blockchain ecommerce payments and ID platform that is redefining online security and privacy provides his insight on the Digital ID Standard. HM Land Registry (HMLR) […]
Webinar: Tips for Applying or Renewing PII in 2021
Is your conveyancing firm ready for the process of applying for or renewing your professional indemnity insurance (PII)? To ensure that you’re prepared, join Clio’s UK Community Manager, Geraldine O’Reilly, along with Lee Catling from PII broker Lockton Companies LLP, in a free webinar: The Making of a Law Firm Series: PII—Tips for Applying or […]
Your views wanted on cyber loss insurance clause
The Solicitors Regulation Authority (SRA) are calling for professionals in the legal sector to give their feedback on a clause which covers for cyber losses explicit in the minimum terms and conditions (MTC) of professional indemnity insurance (PII) policies. On the SRA’s website it states: We are consulting on a proposal to make a change […]
Reassuring the insurers to keep indemnity costs down
Brian Rogers FCMI, Regulatory Director at Access Legal, explains why compliance can help reduce the rising cost of indemnity insurance and why, as an industry, we must all promote best practice. It’s no secret that the professional indemnity insurance (PII) market has been hardening for some time, particularly for areas of law deemed high-risk, like […]
PII: the impact of the pandemic
Legal Eye MD Paul Saunders talks to Howdens Executive Director Martin Ellis and Divisional Director Colin Taylor about the impact of the pandemic on Professional Indemnity Insurance for law firms. As firms prepare for renewal points in April or October, this short video outlines some of the key trends amongst insurers and offers some tips […]
Webinar: the PII market
Join us on Tuesday March 16th at 11.00am for a free webinar where we will look at the picture of the Professional Indemnity Market. Tom Lyes Director of Engagement from Lawyer Checker will be talking to Jenny Screech from Howden Insurance Brokers Limited who will share her extensive knowledge of the market, some best practice […]