Law Society boss welcomes SRA reforms

The Law Society welcomes the SRA reforms to the solicitor's professional indemnity insurance market, according to Law Society chief executive Desmond Hudson.

Hudson said: "We welcome the SRA's decision to maintain financial institution cover within the minimum terms and conditions until at least 2014 as a sensible position, both in the context of the other changes proposed and in view of the consequential harm, in particular, to conveyancing practitioners and their clients of such a change.

"We also welcome the SRA's recognition and adoption of the Law Society's extended renewal period (ERP) proposals as the optimal route for reform of Assigned Risk Pool (ARP) for 2013 as demonstrative of an effective consultation process. In regard to the proposals for meeting ARP liability in the 2012 indemnity year, the Law Society understands the rationale for SRA's proposed approach and, subject to the views of Council, which will consider this important issue at its next meeting, will continue to engage with SRA on options for ARP reform both generally and specifically during the 2012 transitional year."