The Solicitors Regulation Authority (SRA) has announced it will extend the Solicitors Indemnity Fund (SIF) for a year to allow further consultation on the future of post six-year run-off cover. 

The extension is subject to an affordability test; if met, SIF will continue to provide post six-year run-off cover for claims against firms which have closed without a successor practice until September 2022.

Earlier this year, the SRA announced its intention to close the fund in September 2021 – an announcement met with widespread concern by the profession.

Post six-year run-off cover supplements the mandatory six-year run-off cover firms must maintain. SIF provided indemnity cover until 2000, when open market insur...

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