Insurance: Seeking exemption
The Financial Services Authority has surprised the legal world with its proposed changes to general insurance rules. Where law firms with large claimant insurance practices were previously exempt from the authority's regulation, a new regime that will be up and running next year means some firms will find themselves bound by the FSA's rules. Sophie Evans reports
By mid-January next year, a raft of law firms will find themselves under a new regulatory regime. The Financial Services Authority (FSA) is to extend its regulatory arm beyond its current scope, in the light of European Union (EU) legislation which has prompted a general re-think of how professional services firms are regulated. High street firms across the country may now find themselves under the FSA spotlight, while major firms that may also be affected include insurance heavyweights Irwin Mitchell, Russell Jones & Walker, Leigh Day & Co, Thompsons and Underwoods.
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