The Solicitors Regulation Authority will consider cutting minimum levels of professional indemnity insurance cover as part of a review of regulation launching next month.
Writing in today’s Gazette, board chair Charles Plant outlines how the regulator proposes to modify its approach to regulation, with emphasis on countering the perception that it is ‘indifferent’ to small firms or even has a ‘positive policy to drive [small firms] from the market’. ‘We need to take that perception seriously and consider what it means,’ he says.
In May a consultation document bringing together possible reforms will address the ‘fundamental’ issue of whether requirements for minimum levels of cover are too high.
‘This is one example of what we shall be looking at over the coming months with the aim of ensuring that what we require is proportionate and necessary,’ Plant adds.