The SRA consultation: leave well enough alone?
GuidanceThe SRA consultation: leave well enough alone?
The Solicitors Regulation Authority (SRA) has launched a new consultation: “Protecting the users of legal services: balancing cost and access to legal services”, which proposes a number of changes to solicitors’ Professional Indemnity Insurance (PII). Following analysis of a decade’s worth of insurance claims, the SRA suggests that their current approach to PII is “too rigid”, claiming that the cost of insurance is too high, especially for smaller firms or those working in low-risk areas, which acts as a barrier to a truly competitive legal services market. It is also reviewing how the Compensation Fund functions in a changing risk landscape.
Read MoreProfessional indemnity insurance market: how to get the best deal at renewal
NewsProfessional indemnity insurance market: how to get the best deal at renewal
Presenting your strengths and explaining how you are addressing any weaknesses will be key to capitalising on the soft insurance market.
Read MoreProfessional indemnity insurance: market update
NewsProfessional indemnity insurance: market update
Prices have been kept down by plentiful market capacity, but firms with conveyancing work will continue to face additional challenges.
Read MoreWhat the Dreamvar ruling means for fraudulent property transactions
NewsWhat the Dreamvar ruling means for fraudulent property transactions
Firms might be more liable for identity fraud claims than previously imagined.
Read MorePII Renewal: Overseas Offices Questionnaire
Proposal FormPII Renewal: Overseas Offices Questionnaire
Complete this additional questionnaire for any overseas offices
Read MoreWhat is the appropriate level of professional indemnity cover for your Practice? A Guide to Top Up Insurance
GuidanceWhat is the appropriate level of professional indemnity cover for your Practice? A Guide to Top Up Insurance
Top-up insurance (also known as excess layer insurance) is cover above, or in excess of, the compulsory primary indemnity limit set out by the Solicitors Regulation Authority (SRA). It is the principal’s responsibility to assess whether this minimum level of coverage is sufficient for their practice. Our guide takes you through some basic steps to help you decide whether you need additional top up coverage.
Read MoreImportant Alert: SRA Participating Insurer's Parent company placed in interim Liquidation
NewsImportant 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.
Read MoreHow to spot criminals targeting your firm to launder money
NewsHow to spot criminals targeting your firm to launder money
Criminals target Law Firms to launder their illicit funds, this isn’t new news. It is estimated that over £90bn a year is laundered through the UK. The government is concerned about this and has recently issued the second National Risk Assessment of money laundering and terrorist financing (NRA).
Read MoreA Practical Guide for Managing Data Risk with consideration for GDPR
GuidanceA Practical Guide for Managing Data Risk with consideration for GDPR
Are you concerned about managing your data or perhaps you're not clear on your firms retention/destruction requirements with GDPR looming on the horizon? Our risk consultant Amy Bell has put together a practical guide for managing data risk with consideration for GDPR. Click on right hand side to download the full guide.
Read MoreEnd of Year Review
NewsEnd of Year Review
The year 2017 has been busier than most in compliance and 2018 shows no signs of slowing down. So, what should you have ticked off your to do list by now, and what do you need to add for next year?
Read MoreCriminal Finances Act 2017: The Corporate Offence of Failing to Prevent Tax Evasion
CPDCriminal Finances Act 2017: The Corporate Offence of Failing to Prevent Tax Evasion
Shortly before Government was dissolved for the General Election, the Criminal Finances Act was passed. As part of the Government’s Action plan to tackle money laundering, terrorist financing and corruption, the Act introduced new investigation and information sharing powers for law enforcement and the regulated sector. Most notably, and of widest application, is the introduction of the new corporate offence of failing to prevent the criminal facilitation of tax evasion, which came in effect on the 30th September. If found guilty, firms can face unlimited fines in respect of acts done by their employees and associated persons. Firms which can demonstrate they have reasonable prevention procedures in place will have a defence.
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