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It seems odd that the SRA is acting on the basis that "the market will pick up the work". The market doesn't look like it is going to pick up loss making steel works; why would it pick up loss making PI work.
That also begs the question as to why the SRA is interested in firms' viability at all, if the market will pick up the problems. Indeed, if the market is the answer, why are there any regulations....
Also, there seems to be a view that indemnity insurers will fulfill their side of their contracts, instead of wriggling to avoid them, or going bust themselves. Surely recent history indicates that financial institutions are the most greedy and least trustworthy and honourable entities? Why would indemnity insurers be any different?
In the event of real difficulty, the Compensation Fund is a sitting target for any judge seeking to "promote the public good"....the usual excuse to find against the solicitors profession.

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