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secure a meeting with the SRA for Yorkshire Solicitors to discuss the Post run off cover for solicitors which was to be withdrawn but is now subject to a 12 month extension whilst the SRA considers its future .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 .
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.
Please email mark@jordansllp.com and we will send you the teams invite which the SRA is providing