News release

SRA statement: LSB extends assessment period

This statement relates to the decision of the Legal Services Boards (LSB) to issue an extension to the initial period for considering the application by the Solicitors Regulation Authority (SRA) to alter the SRA Indemnity Insurance Rules.

Go to the LSB notice

The LSB received the SRA's application on 15 July and had an initial 28-day period in which to assess the proposals. The LSB now has until the last working day before a 90-day deadline of Sunday 12 October to make a decision or issue a warning notice.

Crispin Passmore, SRA Executive Director for Policy, said: "The LSB has always had the option of extending its assessment periods and often does so: this is not an unusual move. We made clear in our application to the LSB that a positive decision by the end of August would allow the rules to come into force in time for the 1 October 2014.

"If the LSB does not make a decision in time, or does not approve the rule changes, then the current rules remain in place for those policies that need to be renewed on 1 October. The ball is very much in the court of the LSB, and we will comment further when appropriate."

The proposals are part of the SRA's programme of regulatory reform. More information is available here:

Go to the Regulatory Reform programme

 
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