The maximum payment for a single grant from the Compensation Fund will be lowered from £2m to £500,000, the Solicitors Regulation Authority (SRA) has announced
The Fund is an SRA-managed fund of last resort for people whose money has been misplaced or stolen by solicitors.
Simon Davis, president of the Law Society, agreed with the need to reduce costs but said the decision was ‘disappointing’ since the fund ‘provides a vital safety net to clients’.
Davis said: ‘The Law Society hopes that the SRA is correct, and that the reforms will continue to provide adequate protection to the public.’
