The SRA admitted earlier this month that it may need solicitors to pay an “additional payment” in order to deal with the “millions” of potential claims from axiom ince clients. Axiom Ince was wound up earlier this year, shortly after it was revealed that £64 million was missing from its clients’ accounts.
Solicitors Contribute to the Solicitors Compensation Fund (SCF) The SCF (Solicitors Compensation Fund) is a fund managed by the SRA (Solicitors Regulator) that aims to help people who have been wrongfully owed money by regulated law firms. The SCF is paid into the fund by solicitors through a “levy”, which is added to the practice certificate fee.
Ian Jeffery the Law Society chief executive said,
“As the representative body for the solicitor profession, we are of course greatly concerned that our members could be asked to plug a gap of many millions of pounds in the Compensation Fund arising from the collapse of just three law firms, which were set up under atypical business models and with their own clear and inherent risks.”
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