SRA fails to gain approval for PI cover change ahead of renewals
A reduction in the limit for mandatory professional indemnity cover will not take place before the October renewals after the Legal Services Board issued a warning notice delaying its decision on the change by up to twelve months.
The Solicitors Regulation Authority had proposed cutting the limit from £2m, or £3m for incorporated firms, to £500 000 but had stated that approval would be required by the end of the month to allow
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