The Solicitors Indemnity Fund (SIF) has appointed a new chair with David McIntosh, former senior partner of Davies Arnold Cooper, replacing Paul Marsh, who has recently retired from the SIF Board.
McIntosh is a past President of the Law Society, and is also chair of the City of London Law Society, and independent chair of the Professional Standards Board of the Chartered Insurance Institute.
McIntosh’s appointment comes as the SIF is about to begin returning £25.1m in contributions to the profession. This represents the second and final refund payment following the direction made by the Council Of the Law Society at its meeting on 21 September 2005, and must be made before 30 September, 2007.
The fund was closed to new business when solicitors' professional indemnity was put on the open market in September 2000. It started to gain a significant surplus in 2004.
In a statement, McIntosh said: “Despite the financial difficulties that arose in the 90s, the Fund is now in good shape. Part of my brief will be to explore how this organisation can be developed for the wider benefit of the legal profession. It would be a waste if there was nothing more to be done once administration of the Fund is completed in a few years’ time.”
Outgoing chair Paul Marsh is believed to have stepped down to devote himself to his new role as deputy vice president of the Law Society.