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Solicitors Regulation Authority plans to exclude financial institutions from the requirement for compulsory professional indemnity insurance will drive some conveyancing firms out of business, the Law Society has claimed. The longer-term move to remove work for all commercial clients from the scope of the minimum terms and conditions of cover would be short-sighted, it adds.

The Law Society is considering a scheme to shore up the position of compliance officers who could find themselves personally exposed under the Solicitors Regulation Authority’s (SRA) proposed handbook. Chief executive Des Hudson also raised concerns over the SRA’s progress towards outcomes-focused regulation.

Lawyers have warned the Legal Ombudsman (LeO) that some clients will end up unrepresented if he adopts a complaints process that involves ‘naming and shaming’. Fear of reputational damage would have a chilling effect on taking on clients perceived to be ‘risky’ and adversely impact on lawyers whose social conscience led them to offer help, they said.

Professional indemnity insurers are to provide guidance for solicitors on the way the risk they pose is assessed as part of a push to ensure there is no discrimination in the renewal process. Following a meeting called by the Equality and Human Rights Commission, the Association of British Insurers also agreed to work with its members to review their proposal forms and the underpinning criteria used to assess risk, and review and report on the equality and diversity work undertaken by their members.

The Legal Services Board is expected take over responsibility for overseeing the regulation of immigration advisers by the legal professional bodies from the Office of the Immigration Services Commissioner (OISC), starting in April 2011.