LEI providers challenged to manage conflicts of ABS
Arc Legal Assistance has challenged legal expenses providers intending to develop alternative business structures (ABS) to prove they can manage the “inherent conflicts” the situation throws up.
The Solicitors Regulation Authority has announced it will start accepting licensing applications for ABS from 3 January 2012.
Arc Legal claims that with a number of legal expenses insurers considering developing such structures, those adopting an in-house legal services model, where lawyers are directly employed by the company, risk creating a commercial conflict of interest exposing companies to allegations from consumers that its legal decisions lack impartiality.
Richard Finan, director of
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