The Birmingham Law Society Professional Regulation Committee has responded to the SRA discussion paper on Consumer Protection for Post six-year negligence. In its response, the BLS expressed concern that the SRA had failed to consult on whether it should run an indemnity fund in-house or whether the existing Solicitors Indemnity Fund (“SIF” should be modernised with costs savings. BLS said that the decision to take SIF in-house made by the SRA Board on 13 September 2022 was predicated on limited data which was underscored by caveats. BLS urged the SRA to revisit the decision with better data to ensure that it had not made a hasty decision that would be regretted in the long term both by consumers and the profession alike.
Read the consultation paper here