Expert Witness Journal Dec 24 - Journal - Page 91
threshold. This not only increases transparency but it
sets out clearer expectations to the firm on the importance of ensuring adequate insurance is in place.
This in turn supports the public interest and increases
protection for consumers.
To ensure a seamless transition, we strongly encourage
firms to have discussions with their insurance brokers
about these upcoming changes. It’s important to understand how the new rules might impact their coverage and what additional information might be
required for renewing their policies for the 2024/2025
period. By planning ahead, firms can avoid gaps in
coverage, higher costs, or non-compliance with new
regulations. Proactive steps ensure a smooth transition and help meet the updated requirements without delays.
5. Group Arrangements (regulation 3.9)
The new regulation, which replaces the previous
"compound firm" Regulation 3.8, clarifies how multiple firms can be treated as a single entity under the
PII Regulations. It allows them to be insured together
under one policy and provides clear guidelines on
when and how to use group insurance arrangements.
The Regulation ensures that coverage is adequate for
all entities involved, increasing transparency and consistency. This update addresses feedback that the old
regulation did not align with the reality of how firms
were insured, making the regulation more practical
and suitable for today's insurance market.
Further information
If you have any questions regarding this blog, please
contact Manvir Grewal or Julie Matheson in our
Regulatory team.
www.kingsleynapley.co.uk
About the authors
Manvir Grewal - Trainee Solicitor
+44 (0)20 3535 1762
MGrewal@kingsleynapley.co.uk
Manvir is a trainee solicitor at Kingsley Napley. She is
currently in her third seat with the Public Law team.
Her first seat was in the Real Estate and her second
seat was in the Regulatory team.
6. Run-off cover and cessation of practice (regulation
2.7 and 2.8)
The regulations have been updated to refer to “all
reasonable steps” rather than “best endeavours”. This
was a result of feedback received during the consultation that the previous wording was confusing and
open to interpretation. This change emphasises that
firms must ensure run-off cover for six years after they
stop practising, making the expectations clearer and
more straightforward.
Julie Matheson - Partner
+44 (0)20 7369 3844
jmatheson@kingsleynapley.co.uk
Julie is a partner in the Regulatory Team. Her
expertise lies in advising professionals and professional services firms, particularly in the accountancy,
audit and built environment sectors, on regulatory
compliance, investigations and enforcement proceedings, including a focus on sexual misconduct in the
workplace issues.
7. Dispensations (regulation 5.3)
The guidance on dispensations has been updated to
include a fee for firms making a dispensations application. The update makes it clear that the PII Committee can impose conditions when granting an
exemption or waiver. This change enhances transparency by showing that conditions may be attached
to dispensations. Additionally, references to the Republic of Ireland have been removed to align with
ICAEW’s Statement on Engaging in Public Practice,
which was updated after Brexit. These amendments
clarify the regulations and ensure they are consistent
with ICAEW’s practising certificate requirements.
Dr. Piers N Plowman
Senior Clinical Oncologist/Radiotherapy
MA, MD, FRCP, FRCR, Senior Consultant at
St. Bartholomew’s Hospital and Great Ormond
Street Hospital, London.
Timeline of Changes
The new regulations came into effect on 1 September
2024, although the changes will be introduced gradually, giving firms time to adjust. This ensure that
firms do not have to arrange mid-term adjustment to
their existing policies of insurance or policies with preexisting dispensation.
Adult and Childhood Cancer.
Radiotherapy, chemotherapy, targeted genomic
therapy and immunotherapy for cancer.
Consequences of delays to diagnosis and all causation
issues.
Also specialises in radiation exposure risks - clinical
and other scenarios.
During this transitional period, the updated requirements regarding minimum insurance limits and excesses will only apply when a firm renews its insurance
policy after 1 September 2024. This means that firms
will not be immediately impacted by the new rules but
will need to comply when their current insurance
comes up for renewal. However, at all times firms must
maintain their existing policy of qualifying insurance.
By 1 September 2025 all firms will need to fully comply with the new regulations, regardless of their renewal date. This phased approach is designed to make
the transition smoother and allow firms ample time to
prepare.
EXPERT WITNESS JOURNAL
Author of textbook on complications of therapy.
Over twenty years experience as Expert Witness for
above.
Also specialises in delay to diagnosis.
14 Harmont House
20 Harley Street, London, W1G 9PH
Tel: 020 7631 1632
Fax: 020 7323 3487
Email: nplowman@doctorplowman.com
89
DECEMBER 2024
