A new model of litigation funding is needed to secure access to justice for people of limited means, academics said this week.

A joint study by the University of Oxford and the University of Lincoln suggested that, while third party funding has improved access to justice for small and medium-sized companies, individuals have not benefited.

Researchers said that because most claims involving litigation funders are well in excess of £100,000, people of limited means are unlikely to benefit. Interviews conducted with funders and consumer groups indicated that both would welcome more regulation. Consumer groups suggested that self-regulation was inadequate.

The study considered whether third party funding improves access to justice when people cannot get legal aid and cannot fund cases themselves.