The Council for Licensed Conveyancers (CLC)’s consultation on potential changes to their Professional Indemnity Insurance (PII) requirements has just two weeks left to run.
The CLC have been reviewing the market for PII in an extensive process which began with a call for evidence in June 2021, followed by a series of conversations with insurers and brokers as well as discussions in open forums for the regulated community.
The ensuing consultation began 14th January and will end 25th February in under two weeks. The proposed changes include potential amendments to the Minimum Terms and Conditions.
The CLC have outlined why the consultation is significant and what those within the industry should consider when expressing their views:
Practices regulated by the CLC, and their representative bodies should consider how the options set out in this consultation could affect the protection of their clients, their business and themselves. The availability and pricing of effective PII cover is vital to the viability of legal service provision. Note: if your practice has concerns about the next PII insurance renewal, speak to your broker early and consult the CLC’s most recent Risk Agenda for tips: https://www.clc-uk.org/lawyers/risk-agenda/.
Clients of regulated entities and organisations representing consumers should consider whether the options set out in this consultation have any negative or positive impact on client protection.
Mortgage lenders and financial institutions working with probate providers should consider whether the options set out in this consultation have any impact on the protection of their clients and themselves.
Other organisations in the property and probate sectors should consider whether the options set out in this consultation have any impact on the protection of their clients and themselves.
The CLC have provided a brief, five-minute survey in which practitioners can share their views: https://www.surveymonkey.co.uk/r/CLCPIIConsultation. There will also be two online discussions which can be accessed via the following links: Wednesday 16th February at 9am, followed by Monday 21st February at 12pm.
Any changes to the scheme will be agreed by the Council for the CLC at its meeting in March then submitted to the Legal Services Board for approval ahead of the PII renewal deadline in June.
The full consultation document can be found here. Responses should be sent by 25th February to [email protected] or by post to: The Council for Licensed Conveyancers, WeWork, 131 Finsbury Pavement, London, EC2A 1NT.
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