There is still time to comment on the Solicitors Regulation Authority’s discussion paper dealing with client financial protection issues.
Published in July, the paper deals with professional indemnity insurance, compensation arrangements and how they work together to strike the right balance between reducing unnecessary regulation and protecting clients’ financial interests. It aims to kick-start informed debate around the two subjects, allowing the SRA to capture the views of all interested parties.
Feedback on the paper will be used alongside analysis of how the current arrangements are working to draw up formal proposals for consultation early next year. Those who want to comment have until 16th September to submit their responses.
Paul Philip, SRA Chief Executive, said: “PII and compensation arrangements play an important part in our regulatory model. We need to strike the right balance between freeing up law firms to grow and providing appropriate consumer protection.
“This discussion paper will feed a formal consultation aimed at moving us towards a more appropriate regulatory model in this area.”
The discussion paper is available on the SRA’s website here: http://www.sra.org.uk/sra/consultations/discussion-papers/protecting-clients-financial-interests.page