The Solicitors Regulation Authority is to consult on implementing planned reforms of client financial protection.

The changes, announced in April 2011, include: closing the assigned risks pool from October 2013; a 90-day extended policy period from October 2012, for firms which have not taken new cover; provisions for the funding of the pool in 2012/13 to be provided by both the regulated community and qualifying insurers; and provisions to move responsibility for making payments in respect of uninsured firms from the ARP to the Compensation Fund in 2012/13.

Details of the consultation exercise appear on the SRA's website.

The consultation will run for 12 weeks and closes on 17 January 2012.

Richard Collins, director of standards at the SRA, said: ‘These proposals implement the next phase of the policy decisions announced by the SRA in April this year. As a public interest regulator, our objective is to ensure a comprehensive set of arrangements to ensure that clients are protected through compulsory professional indemnity insurance and the Compensation Fund.

‘The changes proposed for implementation in October 2012 are particularly designed to ensure that the open-market system of PII is sustainable and competitive for the foreseeable future.’