Nearly 50 firms to close under SRA's ARP strategy
The SRA has claimed its strategy to manage the Assigned Risks Pool (ARP) more effectively is showing results, with firms paying up over £3/4m of outstanding premiums and 47 firms either closed or in the process of closing.
The number of firms who have made applications to the ARP this year is fewer than last year. There had been 418 applications to 7 October 2010, compared to 428 at the same time last year. Of these, 22 have already found insurance cover on the open market since 1 October, so will not be in the ARP. The SRA said that others were likely to follow suit over the coming weeks.
SRA chief operating officer Mike Jeacock said: "In August we launched an enforcement strategy for firms in the ARP. All
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