The Solicitors Regulation Authority is investigating more than 80 firms over disclosure issues relating to last year’s professional indemnity insurance renewal.
It emerged this week that work is underway to investigate 58 firms for issues of non-compliance and a further 23 firms for non-disclosure to insurers.
The work is being carried out by the SRA’s supervision and enforcement teams and relates to firms that did not inform the regulator about their full insurance status after the 1 October renewal deadline passed.
Letters of guidance have been sent to more than 80 firms where a formal investigation has not been necessary.
None of these investigations or letters relate to the 136 firms that ceased to practise after entering the Extended Policy Period (EPP) last October.
The figures were revealed in minutes published yesterday from April’s regulatory risk committee meeting.
The minutes also recorded that two firms were subject to intervention at the start of last month in relation to not having insurance in place after the end of the EPP on 29 December.
Further intervention is possible in relation to firms which remain ‘of significant concern’, the minutes recorded.
Meanwhile, the supervision directorate has now completed the initial stage of the 2013/14 practising certificate revocations enforcement project.
The committee noted this has involved ‘robust engagement’ with firms and individuals requiring immediate compliance. The SRA said it is ahead of schedule with regard to action against firms and sole practitioners.
Action has been started against 41 individuals, 33 recognised bodies and 14 sole practitioners for failures to renew practising certificates or firm authorisation.