Some 53 firms entered the assigned risks pool (ARP) after failing to secure professional indemnity insurance in this year’s renewal round, provisional figures have revealed. The figure is well down on the 411 which applied to enter the pool at the same stage in 2010.

Of last year’s number, more than 50 have been forced to close, while six have merged with other firms.

Antony Townsend, chief executive of the Solicitors Regulation Authority, commented: ‘The SRA board approved key changes to the arrangements for client financial protection in April this year.

'In the consultation process on this subject, it became clear that one of the biggest challenges facing us was the need to manage down the numbers of firms in the ARP. These figures demonstrate that our programme of reforms is having the intended effect.’