Contributions to Compensation Fund to rise

Solicitors will need to pay an extra £50 per year to the Compensation Fund, which compensates victims of solicitor dishonesty or incompetence. The Solicitors Regulation Authority (SRA) said the level of contributions for 2018/19 will rise from £40 to £90 for solicitors, and from £778 to £1,680 for firms (an increase of £902). The SRA highlighted the dangers of solicitor involvement in dubious investment schemes in its reasons for increasing the levy for the second year running. SRA Chief Executive, Paul Philip, said: ‘The rise in contributions reflects the forecasts of increased pressure on the Fund.’