From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

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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.

CML response

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.