Regulatory framework
Primary and secondary legislation sets out the regulatory framework. This is supported by rules that will govern the day to day conduct of authorised persons. The key components are:
The final consultation on Professional Indemnity Insurance commenced on 23 February 2007 and will close on 25 May 2007.
The organisational structure comprises of:
- the Secretary of State for Constitutional Affairs. He will be the Regulator and formal decisions will be taken in his name.
- a Head of Claims Management Regulation — A DCA official who will have lead responsibility for the operation of the regulation. Mark Boleat has been appointed to this position until to August 2007
- a Monitoring and Compliance Unit, responsible to the Head of Claims Management Regulation. The trading standards unit of Staffordshire County Council has been appointed to this role and they will manage the authorisation process and monitoring and compliance work.
- a Regulatory Consultative Group to ensure adequate stakeholder involvement in the development and operation of the regulatory regime. The group comprises representatives of the Claims Standards Council, Association of Personal Injury Lawyers, Law Society, Association of British Insurers, Financial Services Authority, Office of Fair Trading, Citizens Advice, Which?, MASS, Forum of Insurance Lawyers, Advertising Standards Authority, Trades Union Congress, the Legal Expense Insurers Group and the Financial Services Ombudsman and the British Insurance Brokers Association.
Further information on the progress of implementation is contained in the following documents:
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