Editor, Solicitors Journal

SRA plans to cut compensation fund opposed

14 Apr 2021News

SRA plans to cut the maximum compensation fund from £2m to £500,000 face rejection by the LSB

SRA plans to cut the maximum compensation fund from £2m to £500,000 face rejection by the Legal Services Board and have been opposed by the Law Society. The LSB has issued a warning notice to the SRA saying it is considering rejecting the plan. The Society’s president I Stephanie Boyce said it opposed the SRA’s proposal because “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”.

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