The SRA is reviewing the arrangements they have in place to compensate consumers of legal services when they suffer financial loss due to dishonesty, failure to account or civil liability of uninsured practitioners.
The review aims to identify potentially innovative ways of delivering the optimum level of client protection, whether or not that includes compensation arrangements in the form that they currently exist. In this consultation, they propose changes to the SRA Compensation Fund Rules 2011 to set out who is eligible to claim on the Compensation Fund.
Start—7 May 2014
End—18 June 2014
View the full consultation (at the time of preparing the JLD response)
The JLD, in principle, supports initiatives which are designed to reduce unnecessary regulatory burdens, and reduce costs for firms and clients alike. However, the JLD has a vested interest in preserving client confidence in the integrity of the legal profession and, as such, any deregulation should be proportionate to ensure adequate protection is provided to consumers where necessary.