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.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651