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U.K.: 117 firms at risk of closure after failing to secure coverage

December 19, 2013 - 6:00am

The U.K.'s Solicitors Regulation Authority has said 117 solicitor companies are yet to secure professional indemnity insurance and reminded that they need to secure cover or close their practice by Dec. 29, the Law Society Gazette reported.

The regulator has sent 108 compliance plans to companies, of which 94 have been signed and returned. The SRA's director of supervision Mike Haley said some firms "are better than others when it comes to addressing all the issues associated with an orderly wind-down, for example ensuring archived files are stored properly."

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