Solicitor watchdog's PI plans will create an 'uneven playing field'
A new proposal from the Solicitors' Regulation Authority (SRA) to shake up the rules around professional indemnity (PI) requirements could create an "uneven playing field" within the insurance broking community, experts have warned.
The SRA's proposal would mean PI cover for work undertaken for financial institutions conducted on or after 1 October 2011 would not be a regulatory requirement, although firms and insurers would be free to arrange cover if they wished.
Richard Brown, director and head of professions at Prime Professions, said if the SRA watered down the protection for financial institutions then it was likely that smaller brokers would find it hard to compete.
"Currently, under the SRA's minimum terms and
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