SRA Compensation Fund Rules


Introduction

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

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Part 2: Payment of grants from the Fund

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Part 3: Applications and procedures

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Supplemental notes

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.

SRA Compensation Fund Rules

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You are reading current version in effect from 25 November 2019

Guidance

Recovering costs and payments from third parties

This guidance is to help you understand when and how we recover costs and payments from third parties following an intervention. We may have regard to it when exercising our regulatory functions.