Construction professionals will breathe a sigh of relief after a contractor was prevented from suing its professional team for negligence 12 years after completion of a warehouse project. The contractor failed in its bid to argue that the six year…read more
SRA to reduce minimum level of PII cover?
The Solicitors Regulation Authority (SRA) has acknowledged that the minimum levels of professional indemnity insurance (PII) cover may be too high. It has questioned whether access to legal services for consumers is harmed due to the cost of cover or…read more
Professional conduct guidance for tax advisers issued
Leading professional bodies involved in taxation have issued a new guide on professional standards. ‘Professional Conduct in Relation to Taxation’ aims to help advisers deal with difficult practical situations. The guidance will help, for example, where there is an irregularity…read more
FCA to consider a 15 year long stop on FOS cases
The Financial Conduct Authority (FCA) is to consider introducing a 15 year time limit on complaints to the Financial Ombudsman Service (FOS). At present complaints can be brought by consumers for an unlimited amount of time. The FCA’s business plan…read more
Victory for financial advisers in long-running FOS case
Consumers will not be permitted to sue their financial advisers for additional compensation after accepting a Financial Ombudsman Service (FOS) award. The landmark Court of Appeal ruling is good news for financial advisers and their insurers who now have certainty…read more
Gap in PI cover for trustees considered
Former principals and former employees of law firms who continue to act as trustees could be uninsured if they are accused of negligence warns Brunel Professional Risks. This could put their property and other personal assets in the firing line…read more
Delaying court proceedings “dices with procedural death” says Construction Court judge
Professionals and their legal advisers who delay court proceedings without good cause are likely to find their case throw out, following a decision in the Technology and Construction Court. The decision shows that courts will not tolerate procedural delays following…read more
BIM not impacting insurance…..yet, say main contractors
The growing use of Building Information Management (BIM) systems is not impacting insurance cover at present say major contractors. Most however think that changes are on their way with the majority expecting to review cover in the future according to…read more
Solicitors Regulation Authority consults on PI insurance
The SRA has announced that it is to consult on only allowing rated insurers to provide professional indemnity cover to SRA-regulated law firms. According to the Law Society Gazette, SRA board papers reveal that premiums could increase by up to…read more
Consumer bodies given FCA super-complainant status
The government has awarded super-complainant status to consumer and business groups for the financial services sector. They now have the power to present complaints to the Financial Conduct Authority (FCA) if they believe there are features of a financial services…read more
