The
Gazette has been contacted by practitioners concerned about the closure of the Solicitors Indemnity Fund from the end of September. The closure of the fund effectively means any solicitor facing a negligence claim outside of their six-year run-off will not be covered, unless they have taken out extra insurance.
The fund, established by the Law Society in 1987, is currently run by the Solicitors Regulation Authority. According to the most recent accounts, the SIF had net assets of £22.48m at 31 October 2020, with around 200 cases ongoing.
Andrew Stovin, a retired solicitor from St Albans, is coordinating a group of former practitioners demanding to know what will be done with the surplus and what more action can be taken to protect people or their dependants from historical claims.