Paying over the odds When I recently returned my completed gross fees certificate to the Solicitors Indemnity Fund (SIF) for the purpose of calculating my shortfall contribution, I drew attention to the fact that 5% of my gross fees for the period in question were attributable to charges for the storage of clients' title deeds and commission paid to me for financial services recomm-endations.
I consider the safe storage of deeds for clients and introduction made for the purpose of putting my clients, requiring investment advice, in touch with independent financial advisers to be low-risk activities.I complained to the SIF that the form completed by me made no provision for these areas of low-risk work.
The response I received from the SIF was that 'the low-risk work categories are agreed by the fund and the Law Society and then confirmed by the Master of the Rolls.
Although I accept what you say, I cannot take any other categories of low-risk work into consideration other than those that are already stated on the certificate.'There must be thousands of other practitioners undertaking other categories of low-risk work not listed on the certificate who in consequence are paying 'over the odds' when it comes to their shortfall contributions.Paul Lees, Lees & Co, Mossley, Lancashire
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