On 23 March 2018, the Solicitors Regulation Authority (SRA) released its consultation ‘Protecting the users of legal services: balancing cost and access to legal services’. It has requested responses by 15 June 2018.
The SRA is proposing far-reaching changes to the minimum terms and conditions (MTCs) for solicitors’ professional indemnity insurance (PII), and recommends cutting the minimum levels of insurance cover by substantial amounts. This and other issues covered (e.g. the Compensation Fund) are likely to be of particular concern to the profession.
This briefing provides members with an overview of the SRA consultation as an aid to understanding the key elements and to encourage them to share their insights and opinions on the proposals.