Solicitors Regulation Authority querying number of firms without Professional Indemnity Insurance

A “substantial” number of law firms have failed to tell the Solicitors Regulation Authority (SRA) whether or not they have professional indemnity insurance,  the regulator admitted today.

The SRA would not reveal how many had not declared their insurance position, but last month said there were at least 50 they knew of and potentially more who had not been in contact at all.

The SRA said it has contacted these firms to ascertain their position and will be considering possible enforcement action.

The potential firms were discovered through a number of data-matching exercises carried out by the SRA. These firms are additional to the 141 practices that notified the SRA that they would enter the extended policy period  as they had definitely failed to find insurance before the renewal date.