New SRA-led indemnity fund
The Gazette, Solicitors Journal, Company Insight and Legal Futures report after years of lobbying, solicitors will now definitely be protected from the potentially ruinous impact of long-tail negligence claims after the closure of the Solicitors Indemnity Fund.
The Solicitors Regulation Authority announced that existing SIF arrangements, as operated by Solicitors Indemnity Fund Limited (SIFL), will be replaced with SRA-run indemnity arrangements from September 2023.
Law Society president I. Stephanie Boyce said: 'This is likely to be a relief to the many members, and former members, who have been worried that the closure of SIF would mean the ending of PSYROC as a regulatory arrangement, when for most there was little prospect of finding alternative comparable protection on the open market.
'The Law Society called for the establishment of an indemnity scheme, ring-fenced for PSYROC claims and offering the same scope of protection currently provided by the SIF.
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International view on criminal justice crisis
Our director of strategic relationships Stephen Denyer spoke to the International Bar Association about the crisis in the criminal justice system in England and Wales.
Stephen said: “There is an urgent need for further investment in all parts of the criminal justice system to prevent its collapse and ensure justice for all.
“Solicitors share barristers’ concerns. Whilst barristers vote to escalate their direct action, solicitors continue to vote with their feet by leaving the profession altogether.”
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Advice for the new justice minister
The Gazette discusses the challenges ahead for the new justice minister Brandon Lewis, noting we said the crisis in the justice system “should be lighting up the new justice minister’s inbox”.
Our vice president Lubna Shuja said: “Justice and fair play are hallmarks of Britain and traditionally a source of pride for the country. But today they are less recognisable features of our national landscape.
“Backlogs in the courts mean people are waiting years for their day in court, their lives in limbo. The new minister has an opportunity to re-energise the system and restore people’s faith in British justice.”
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Home buyers’ advice for the day of the Queen’s funeral
The Gazette, Inside Conveyancing and Today’s Conveyancer report our advice for conveyancers with clients looking to complete their property purchase on the day of the Queen’s funeral.
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Legal sector responds to death of the Queen
The Times (£) looks at how the legal sector is responding to the change of monarch, noting we have written to King Charles to offer the condolences of the solicitor profession.
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Also worth a read:
- Mini budget incoming – BBC
- Judge calls out underfunding for criminal justice – Oxford Mail
- Complex legislation drives growth in number of solicitors – Times (£)
- City firms accused of green-washing – Times (£)
- Cap on bankers’ bonuses may be scrapped – FT (£)