2018/19 Compensation Fund

The Solicitors Regulation Authority have set the level of contributions to the Compensation Fund for 2018/19.  Contributions for the coming year will be considerable higher than in the past with that for solicitors increasing by £50 – from £40 to £90 – whilst the contribution level for firms will increase by by more than 100% – from £778 to £1,680.

The SRA state that the level of the rises has been caused by the increase in key risks to the profession, including solicitor involvement in dubious investments schemes.

Compensation Fund contributions are collected in October as part of the annual renewals process.

Key amongst the risks which these increases take account of are investment scheme risks about which many warnings have been issued – most recently on 23 June 2017

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