Consultations Events News

Yorkshire Union Law Societies Special Event – The Future of the Solicitors indemnity Fund with the SRA – 27th September 2021 2-3pm

 Monday 27 September, 2-3pm

Virtual meeting with the SRA to discuss post six-year run off cover

REMINDER TO BOOK FOR THIS IMPORTANT EVENT - OPEN TO ALL SOLICITORS

We have pleasure to announce that we have managed to secure a meeting with the SRA for Yorkshire Solicitors to discuss the Post run off cover for solicitors which was to be withdrawn but is now subject to a 12 month extension whilst the SRA considers its future .

This is a vital opportunity for yorkshire solicitors to make clear what the implications would be of the loss of the fund and on the futures of solicitors working in private practice and importantly the impact on the public .

The SRA have agreed to meet with us and consider the issue it is an opportuntiy not to be missed .

SRA Descirption of the Issue

Post six year run off cover (PSYROC) is currently provided by the Solicitors Indemnity Fund (SIF) as additional protection to solicitors and their clients, to supplement the mandatory six year run off cover that SRA regulated law firms we are required to obtain under the Professional Indemnity Insurance rules.

This cover was due to end on 30 September 2021. At a meeting on 8 June the SRA Board decided to extend the provision of PSYROC until September 2022. Having received the necessary confirmation from SIF Limited (the company managing the fund) that the extension is affordable, the extension has now taken effect.

The SRA is now putting in place a programme of work to explore whether there is an ongoing place for PSYROC in its regulatory arrangements for the profession, and if so, how this might be funded. This meeting is an opportunity to discuss this work in more detail, and to feed in our views prior to consultation later this year.

This Meeting will take place via Microsoft Teams on 27th September at 2pm and we would like you to invite you to join this important meeting .

Please email mark@jordansllp.com and we will send you the teams invite which the SRA is providing