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Consumers of legal services do not all need the same level of protection and some of them, such as big corporations, might not need “any protection at all”, the SRA has said in a policy statement on its approach to regulation.

The Solicitors Regulation Authority has called for the minimum level of indemnity cover firms must obtain to be cut to £500,000. The existing limits are £2m for traditional partnerships, or £3m for incorporated practices.

Another unrated indemnity insurer is “likely to be put into liquidation”, the Solicitors Regulation Authority (SRA) has warned. The news comes as the SRA announced that it will not introduce a ban on unrated insurers.

The Solicitors Regulation Authority has signalled a fresh approach to its work, with a focus on simplifying the requirements it imposes and ensuring they are proportionate.

If regulators are not loved by those they regulate, then it is no surprise to find that the regulator of regulators is even less loved. And so I don’t imagine that beyond the offices of the Legal Services Board, many tears will be shed that David Edmonds’ second and final term of office is up today. There may, indeed, be some sighs of relief.