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Compensation Fund: levy to be tripled?

03 July 2024
Issue: 8078 / Categories: Legal News , Profession , Compensation
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The Law Society has hit out at Solicitors Regulation Authority (SRA) proposals to raise the Compensation Fund levy by 200% for individuals (from £30 to £90) and by 233% for firms (from £660 to £2,220)

Law Society chief executive officer Ian Jeffery said: ‘We have to question whether the SRA has provided sufficient evidence to justify the increases.’

He acknowledged pressures caused by the collapse of Axiom Ince, but he urged the SRA to explain what measures it was taking to minimise risk in the future.

The contribution levels were set out in the SRA’s 2024–25 business plan and budget, published last week. SRA chief executive Paul Philip said the rise ‘has been driven by an unprecedented level and cost of claims and interventions in the last year. We have done all we can.’

Issue: 8078 / Categories: Legal News , Profession , Compensation
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