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City solicitors have outlined their deep scepticism about plans by the Solicitors Regulation Authority to reform professional indemnity insurance rules, warning that “the solicitor brand should not be placed at risk” without very good reason.

City solicitors have called for clarity from the Solicitors Regulation Authority over the reporting of rule breaches and misconduct, while arguing that compliance officers should be the first port of call for whistleblowers.

City law firms facing conflict issues overseas should apply the rules that apply in the relevant jurisdiction, the Solicitors Regulation Authority has suggested. Meanwhile, the SRA and the Law Society of Scotland have begun discussions on an intra-UK regulatory regime.