Aggregation or Abdication? SRA Compensation Fund proposals rejected by the LSCP

The SRA’s 21 January 2020 consultation on the Compensation Fund has ended. The SRA’s proposals included a number of wide reaching changes in the operation of the fund, including applying an aggregate limit to the value of claims linked to any one ‘scheme’ and restricting the maximum recoverable amount to £500,000. Restrictions are also proposed to limit applicants to former clients of a solicitor.

The Legal Services Consumer Panel (“LSCP”) has responded with a number of strong objections to the proposals, decrying a lack of transparency from the SRA. In this article, Joe Bryant and Jon Quirk examine the fund and the SRA’s proposals before considering the merits of the LSCP’s objections.

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