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@Frank Maher30 March 2016 07:05 am

"...But whatever happens, I do not presently see any particular reason to fear that this might cost the contributors to the Compensation Fund a lot of money, or indeed any money. First there has to be a liability. Secondly, the Fund is there, broadly, to cover dishonesty (but not generally if there is at least one honest principal who would be entitled to indemnity from insurers) or failure to account. See SRA Compensation Fund Rules 2011 http://goo.gl/rfzyW1. "

I think its the compensatory vehicle of last resort, so that the insurers don't (won't?) pay out, the last principal goes bankrupt and then ......

Subject to purported recovery by the said SCF from that principal or insurers of course .........

It's effectively the MIB for 'Solicitors' 'clients'.

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