Axiom Ince: SRA will not be calling on solicitors for additional funds this year

The Solicitors Regulation Authority (SRA) has today clarified that it will not be calling on solicitors to make an additional in-year contribution to the Compensation Fund, arising from the unprecedented losses from the Axiom Ince, Metamorph and Kingly collapses. This decision is being kept under review in light of further interventions or other unforeseen events.

Law Society of England and Wales chief executive officer Ian Jeffery said: “As the representative body for the solicitor profession, we think it right that our members are not being asked to make an in-year contribution to the Compensation Fund. This decision will protect consumers and maintain public confidence in the fund.

“We maintain that the solicitor profession must be consulted before any decision is made by the SRA on its future approach to such exceptional compensation questions, given that our members would be required to pay for it.

“We will work with the SRA as it seeks to review whether its client protection and compensation fund arrangements are fit for purpose in the future.”

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