SRA MTC 2027 — what solicitors should expect

The SRA has periodically reviewed the Minimum Terms and Conditions since the qualifying insurer system began. The 2027 review, expected to publish in late 2026, will consider limits, run-off, aggregation and Consumer Duty overlap.

What the review typically covers

Minimum single-claim and aggregate limits — last raised in 2022.

Run-off requirements — currently 6 years, whether extension appropriate.

Aggregation clause standardisation across qualifying insurers.

Successor practice framework — refinements to prevent gaps.

Consumer Duty (PRIN 2A) interaction — how solicitor PI reflects consumer-facing obligations.

What solicitors should watch for

• Any change to the £2m / £3m limit — LLPs and incorporated practices in particular.
• Extended run-off periods — particularly for post-BSA-2022 conveyancing exposure.
• Harmonised aggregation language reducing ambiguity in multi-client claims.
• Successor practice tightening — less scope for gap-based liability escape.
• Explicit Consumer Duty considerations in the MTC framework.

Practical implications for firms

1. Placement discipline — align limits well above current minimum where practice profile warrants.
2. Continuous cover discipline — SRA MTC changes could affect break-and-return arrangements.
3. Aggregation clause review — may need re-negotiation with new standard language.
4. Documentation of Consumer Duty compliance — matter of record for MTC-covered firms.

Timing and consultation

SRA typically consults formally through 2026-2027.

Solicitors have opportunity to respond via Law Society or direct.

Rules likely to be effective for policy year commencing 1 October 2027.

Broker involvement in interpreting draft changes essential.

Frequently asked

Related

• Solicitors PI insurance UK guide 2026
• SRA MTC clause 5 continuous cover
• Consumer Duty for professional firms