Removing barriers to switching regulators
Last updated: 12 Jul 2016
- Consulting body:
- Solicitors Regulation Authority
- Period of consultation:
- Runs from 21 April 2016 to 14 July 2016
- CML action:
- Response submitted
The Solicitor’s Regulation Authority (SRA) has issued a consultation paper Removing barriers to switching regulators. They propose to amend their Professional Indemnity Insurance (PII) requirements to remove a significant barrier to firms who wish to leave SRA regulation to be regulated by another Approved Regulator.
The CML has responded to the SRA’s consultation on removing barriers to switching regulators, welcoming the proposal to amend existing rules which trigger PII run-off provisions where a firm wishes to change regulator; but also urging regulators and the Legal Services Board to work together to ensure that consumers are fully protected when firms do choose to change regulators.
The full CML response can be downloaded below.