Tag Results

The possibility of clients buying ‘top-up’ cover to fill the gaps in compulsory professional indemnity insurance has been floated by the Legal Services Board as it set the scene for a significant shake-up of current financial protection arrangements.

The Legal Services Consumer Panel has questioned the Law Society’s strong reaction to its recommendation that the possibility of a single compensation fund across the legal profession be explored, including whether the society has actually read all of its work on the issue.

The Solicitors Regulation Authority (SRA) is working its way through the hundreds of firms and individuals facing enforcement action over compliance officer failures – but has now found another 205 firms that require investigation.

Consumers believe regulators ensure they have protections when buying legal services – although they don’t really know what they are – and are content to pay extra for them, a survey of users’ perceptions has found. But they also expect lawyers to provide better information about their rights.

Compensation arrangements for consumers involved in legal transactions that go wrong are outdated and need to be improved, the Legal Services Board has said in calling on its consumer panel to undertake research and provide advice on the issue.