Following consultation on the future of Post Six-Year Run-Off Cover (PSYROC), the Solicitors Regulation Authority (SRA) has announced that it will seek an extension to the Solicitors Indemnity Fund (SIF) for a further 12 months, to run to September 2023 in order to consider the responses received.
Anna Bradley, Chair of the SRA, said: “The level and depth of feedback has been hugely helpful in giving us evidence to move our thinking forward. There was widespread agreement that providing appropriate consumer protection was key, but there is clearly still room for debate about how this might be delivered.”
Although this does not remove the long-term uncertainty faced by many current and past practitioners, this does help avoid the cliff-edge that was fast approaching this year.
The SRA's news release can be found here.
We will continue to monitor the position and will keep you informed of any further developments.