REGULATORY COMPLIANCE INSURANCE FOR SOLICITORS
Protect your law firm and compliance officers with cost-effective Regulation Compliance insurance.
As there is no consistency regarding the cost of SRA disciplinary proceedings being covered by either a Solicitor’s primary professional indemnity policy or a management liability insurance policy you need to safeguard your practice against the potential costs of such proceedings with an insurance product designed to provide such protection, and also protect the individuals performing regulatory functions within your firm.
How We Can Protect You
Within a law firm, the Compliance Officer for Legal Practice (COLP), the Compliance Officer for Finance and Administration (COFA), and the Money Laundering Reporting Officer (MLRO) are all responsible for ensuring compliance within your practice and in the event of a regulatory breach the Solicitors Regulation Authority (or other regulatory body – such as the Financial Conduct Authority) may take action against the individual COLP, COFA, or MLRO concerned, rather than against the firm.
Whilst the firm’s Professional Indemnity Insurance primary policy includes cover for the cost of Solicitors Regulation Authority (SRA) investigations and, if awarded, fines, the cost of an SRA disciplinary proceeding may be excluded from the definition of ‘Defence Costs’ under the primary policy.
Whilst a number of Management Liability Policies provide cover for the cost of an SRA investigation against any individual acting on behalf of the firm, the costs of any SRA investigation against the firm itself may not be covered by such policies.
To receive the necessary protection, contact Konsileo to arrange a Solicitors Regulatory Compliance Insurance policy that will provide cover for the fines and defence costs arising from proceedings brought by a regulatory body (such as the SRA or Health and Safety Executive) against either the firm, or those individuals performing regulatory functions within the firm – the COLP, COFA or MLRO.
Other Insurance Solutions for Solicitors
Meet The Expert
For more information about how we can help, please get in touch with our Solicitors Insurance specialist.