More than 100 firms have been warned to prepare for the worst case scenario after failing to secure professional indemnity insurance on the open market ahead of the 1 October renewal deadline.
The Solicitors Regulation Authority (SRA) has written to 141 firms that are currently sitting in the extended policy period reiterating compliance obligations. The regulator said firms would be expected to work with an SRA supervisor to draw up should they need to wind down because they were unable to secure cover.
Firms have until the 29 December to get Professional Indemnity cover or face being forced to wind down in accordance with the SRA’s guidelines.
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