The Council for Licensed Conveyancers (CLC) is seeking views on potential amendments to the Minimum Terms and Conditions of the Professional Indemnity Insurance (PII) that all CLC-regulated practices must have in place. This builds on responses to the Call for Evidence that ran over the summer of 2021.
The CLC have outlined why the consultation is important and the considerations that respective industry stakeholders should make before sharing their views:
Practices regulated by the CLC, and their representative bodies should consider how the options set out in the consultation could affect the protection of their clients, their business and themselves. The availability and pricing of effective PII cover is vital to the viability of legal service provision. (If your practice has concerns about the next PII insurance renewal, speak to your broker early and consult the CLC’s most recent Risk Agenda for tips: https://www.clc-uk.org/lawyers/risk-agenda/).
Clients of regulated entities and organisations representing consumers should consider whether the options set out in the consultation have any negative or positive impact on client protection.
Mortgage lenders and financial institutions working with probate providers should consider whether the options set out in the consultation have any impact on the protection of their clients and themselves.
Other organisations in the property and probate sectors should consider whether the options set out in the consultation have any impact on the protection of their clients and themselves.
The consultation will run for six weeks, from 14th January to 25th February. Responses may be submitted by email to consultations@clc-uk.org, or by post to: The Council for licensed Conveyancers, WeWork, 131 Finsbury Pavement, London, EC2A 1NT.
To find out more and read the consultation document, visit the CLC website here.
