One in three (36{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53}) accountancy practices have made a professional indemnity insurance (PII) claim in the last four years according to a new survey. The results underline the importance of working with a knowledgeable, experienced, independent broker to secure the…read more
Claimants have responsibility to mitigate losses in professional negligence cases
Claimants must act if they have an opportunity to mitigate their losses, ruled Mr Justice Newey in a dispute over access to a communal garden. Retired New York trial lawyer, Jeffrey Herrmann and his wife bought a £6.8 million house…read more
Arch Cru underlines value of independent PII advice
Advisers who sold Arch Cru funds may be forced to make redress payments to their clients following a consultation from the Financial Services Authority (FSA). Professional indemnity insurance (PII) providers are watching developments carefully – making independent PII broking advice…read more
Fifteen law firms closed by the Solicitors Regulation Authority
Fifteen law firms are to be closed by the Solicitors Regulation Authority (SRA) after failing to secure Professional Indemnity Insurance (PII) according to the Law Society Gazette. The firms, which were in the Assigned Risks Pool (ARP), the insurer of…read more
RICS Recommends PII changes for valuation surveyors
The Royal Institution of Chartered Surveyors (RICS) is recommending changes to Professional Indemnity Insurance (PII) arrangements for surveyors who carry out property valuations. The move is in response to a deluge of claims against surveyors for making allegedly negligent valuations…read more
Solicitors “not responsible” for reviewing all previous advice says Judge
A long-standing relationship between a solicitor and clients does not automatically give rise to a duty to keep the suitability of previous advice under review following a decision in Shepherd Construction Ltd v Pinsent Masons LLP. The case provides reassurance…read more
Our Christmas 2011 donation to charity
St. Peter’s Hospice has been nominated by staff members to support this year… Our Christmas donation for 2011 Nominated by staff members, we choose a charity to support each year as a way of providing more lasting benefit from Christmas…read more
Top 15 risks facing financial intermediaries set out by regulator
The top 15 risks facing intermediaries when conducting business with retail customers have been set out in the Financial Services Authority’s (FSA) 2012 Retail Conduct Risk Outlook (RCRO). The FSA wants advisors to review the RCRO in the areas in…read more
Residential property surveyors must discharge duty of care to lenders says judge
The importance of exercising care and skill in valuing residential properties for lenders was emphasised in a recent court case. In Paratus AMC Ltd & RMAC 2005 NS1 PLC v Countrywide Surveyors Ltd (2011) the claimants alleged that Countrywide Surveyors…read more
Solicitor accused of negligence in witnessing a transaction
The risks inherent in a solicitor witnessing a client’s transaction are brought home in a case where the Master of the Rolls ordered the retrial of a professional negligence case in which a solicitor was alleged to have failed to…read more
