SRA to crackdown on ARP
The Solicitors Regulation Authority (SRA) has claimed it is taking strong enforcement measures against firms in the Assigned Risks Pool (ARP) insurance scheme that are failing to pay their premiums.
Since the SRA introduced its strategy in July 2010, 89 of the firms covered by the ARP during 2009-10 have now closed down, with a further 48 currently covered by open market insurance for 2010-11. Of the firms covered by the ARP during 2010-11, 64 have already closed, including 10 that have been closed by the SRA.
Out of the 309 firms covered by the ARP (at some point) during 2010-11, 163 have now paid their premium in full. The SRA said it was taking firm action against those remaining firms
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