The high level of compensation fund contribution set for the 2017/18 practising certificate renewal is a heavy burden to the smaller practice. The explanation offered is solicitors’ involvement in fraudulent schemes.
Who are these solicitors and what sums are involved? Have they no recoverable assets of their own? Surely the purpose of engaging in fraud is to make money.
The contribution should be raised only with hindsight commensurate with payouts and after prudent use of reserves.
Stanley Jacobs, London