The Law Society comments on the SRA Compensation Fund

The Legal Services Board may reject the Solicitor’s Regulation Authority’s (SRA) plans to cut the maximum Compensation Fund from £2 million to £500,000, Legal Futures has reported.

Law Society president I. Stephanie Boyce said:

“We opposed the SRA’s proposal to reduce the maximum Compensation Fund grant from the current level of £2m to £500,000, because as the LSB observed, the cost savings to the profession would be minimal, but the harm to the handful of claimants who would be adversely affected by the new cap could be devastating.

“We would be pleased to see the LSB is giving proper consideration to this rule change application; interrogating the evidence and fulfilling their statutory responsibility to protect the interests of consumers.”

Kindly shared by The Law Society of England and Wales

Main article photo courtesy of Pixabay