28-06-2007
New SRA regulations to reduce insurance claims
Forthcoming regulations from the Solicitors Regulation Authority (SRA) are likely to reduce insurance claims, it has been suggested.
According to the Times, although the forthcoming Solicitor's Code of Conduct 2007 regulations may add compliance issues to small to medium-sized firms, as exposure has been reduced, professional indemnity insurance providers are likely to be pleased.
The new regulations enter into force on July 1st.
"At a time when many smaller practices feel under threat from imminent changes to the legal sector, many may consider that this 'big firm' regulation regime will only add to the pressures to consolidate or be consolidated," states the publication.
The new regulations replaces a number of codes of conduct and rules, including the Guide to the Professional Conduct of Solicitors (1999) and the Solicitors' Practice Rules 1990.
The SRA was established in January 2007.
by Adfero - June 2007
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