October will see the end of the solicitors’ professional indemnity (PI) insurance season, when lawyers will again benefit from low insurance rates. Lawyers are being warned, though, of an imminent rating correction.
Compared with the medical and audit professions, lawyers get off lightly when it comes to PI rates. This is indicative of the risks faced by professional organisations, which are coming under ever-stronger regulatory pressures. Given the Northern Rock debacle, it is hardly surprising that mortgage brokers are facing greater legal scrutiny.
The first article in this Professional Negligence Special Report examines the PI implications of the recent Moore Stephens case, while the second report looks at how regulatory changes by the General Medical Council could leave doctors in an uncertain legal position.
The third report examines the state of the solicitors’ PI market, and the fourth looks at the highly topical issue of mortgage fraud.