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Home > News and events > News > CLC looking to attract firms from the SRA
CLC looking to attract firms from the SRA
The Council for Licensed Conveyancers (CLC) has moved to attract property law firms away from the Solicitors Regulatory Authority (SRA) by changing its arrangements for professional indemnity insurance.
Currently, a firm's freedom to switch regulators has been "largely theoretical" according to Sheila Kumar, CLC chief executive, due to firms having to buy six years' run-off cover if they decide to leave the SRA. A powerful deterrent to any firm looking to make the jump.
However, following a brief consultation the CLC will move away from its master policy in favour of an open market, whereby participating insurers would provide the six-year run-off cover to closing firms at no cost. There will be a limit on claims in the six-year period of £2m in aggregate, however the CLC has said this would be more than enough with aggregate claims since 2011 not exceeding £100,000 per practice.
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