Treasury Mulls Mandatory Insurance For UK Tax Advisers

Law360, London (March 24, 2021, 2:46 PM GMT) -- The government has said it is considering whether to introduce mandatory professional indemnity insurance for tax consultants, as it plans to weed out what it described as a "minority of incompetent, unprofessional and malicious advisers."

HM Treasury said as it launched a consultation on Tuesday that an estimated 72,000 tax advisers work in the U.K. Some 70% of them are members of professional bodies, leaving approximately 21,000 unaffiliated advisers: half of those are unlikely to hold insurance.

The ministry said that incompetent or criminal tax advisers could be encouraged to pack up shop if professional indemnity insurance was compulsory.

"Market forces may help...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!