‘The legal community has done little to protect home buyers and sellers,’ an article in the Telegraph recently concluded. It included the following: ‘The SRA is clear that member firms are responsible for safeguarding client funds and must replace any money that was improperly withheld or withdrawn from a client account.’
Has this statement been verified with the SRA? If it has, then the strongest possible representations must be made by the Society.
Surely, insurers will not accept responsibility – especially if firms have security software, and/or indicate clearly to clients in terms and conditions that no responsibility is accepted in the event of fraud.
Sandie Graff, Graff & Redfern, Richmond, Surrey