Law Society says proposal are “without merit” after the SRA proposed to cut back mandatory professional indemnity insurance
The Law Society has criticised proposal put forward to cut back professional indemnity insurance for (PII) for solicitors.
In response to proposed cutbacks on mandatory professional indemnity insurance (PII) submitted by the Solicitors Regulation Authority, The Law Society says the proposals would “radically reduce financial protections for clients and solicitors”.
It also says it does not need any financial benefits to the measures.
Law Society deputy vice-president Simon Davis said:”Clients, employees and solicitors would bear the significantly higher risk, but there is no evidence this would be counterbalanced by lower insurance premiums.
“Solicitors and their clients are protected by cooper-bottomed insurance, which is appropriate given the gravity of many of the issues we deal with for business and individuals.”
The SRA proposes a reduced minimum cover from the current £2-3m to between £500,000 and £1m.
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