Marc Rowson - Lockton Solicitors

Marc specialises in the arrangement and placement of professional Indemnity Insurance for Solicitors, Surveyors and Insurance Brokers. Marc also has experience in the design and implementation of Insurance solutions and schemes for associations and affinity groupings. Marc has been with Lockton since 2010, maintaining healthy relationships with a number of carriers within the London market for the benefit of clients.

SRA consultation update: the Lockton perspective

On the 23rd March 2018, the SRA opened a consultation, titled: Protecting the users of legal services: balancing cost and access to legal services. At the heart of the topic was the question of the correct level of consumer protection when using a solicitor or law firm, and whether changes could be made that would still offer adequate protection but in turn produce a more competitive and populous marketplace. When the consultation opened, the SRA can be quoted as follows “Our PII proposals will give firms more flexibility to choose the right level of insurance to suit their business and clients.” These comments and suggested reforms to PII generated strong opinions both in support and in challenge. The consultation closed on the 15th June and many have been waiting for the outcome.

SRA update for firms advising or providing insurance: what you need to know

The SRA handbook was updated on 1st October 2018 to reflect new financial service rules. The rules were implemented to ensure compliance with the Insurance distribution directive (IDD), a new European directive that replaced the Insurance mediation directive (IMD). The directive was introduced primarily to ensure that there is consistency to all distributors of insurance products. Its primary aim is to further strengthen protection for consumers, particularly in respect of the information provided to them concerning the transaction(s). These new rules will impact law firms who participate in the distribution of insurance. Consequently, new working processes are required to be implemented.

Important Alert: SRA Participating Insurer's Parent company placed in interim Liquidation

On the 7th February 2018, Financial security agency AM Best issued CBL Insurance with an amended financial strength rating of B ++ under review with negative implications. The situation has since worsened and the New Zealand regulator via the High Court as of 23rd February 2018 has placed CBL Insurance into interim liquidation.

Latest articles by Marc Rowson

SRA consultation update: the Lockton perspective

SRA update for firms advising or providing insurance: what you need to know

Important Alert: SRA Participating Insurer's Parent company placed in interim Liquidation