SRA sets 2018/19 contributions to the Compensation Fund
The Solicitors Regulation Authority (SRA) has set the level of contributions to the Compensation Fund for 2018/19.
Solicitors will see a major hike in the costs with the contributions for solicitors increasing by £50 – from £40 to £90 – and the cost for firms increasing by more than 100% – by £902, from £778 to £1,680.
The level of contributions is set by the SRA Board to take account of both historical and existing claims, and following an analysis of future claims. In the light of key risks to the profession, including solicitor involvement in dubious investments schemes, the SRA has decided to increase the levy for the second year running.
The increases reflect the greater degree of risk posed by those solicitors becoming involved in investment schemes and are likely to have been exacerbated by problems caused by the increased levels of cyber fraud.