These rules govern the way that we operate the SRA Compensation Fund. This is a discretionary fund of last resort for making grants to people whose money has been stolen, or has not been accounted for, as a result of the acts or omissions of those regulated by us, and to relieve losses for which firms authorised by us should have had, but did not have, insurance.
It is funded by contributions from individuals and firms authorised by us.
We have provided guidance on the way we operate the fund.
Part 1: The Fund
Part 2: Payment of grants from the Fund
Part 3: Applications and procedures
Made by the SRA Board on 5 December 2018.
Made under sections 36 and 36A of the Solicitors Act 1974, section 9 of, and paragraph 6 of Schedule 2 to, the Administration of Justice Act 1985, section 83 of, and paragraph 19 of Schedule 11 to, the Legal Services Act 2007 and the Legal Services Act 2007 (The Law Society and The Council of Licensed Conveyancers) (Modification of Functions) Order 2011.