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@Frank Maher30 March 2016 07:05 am
@Anonymous30 March 2016 09:46 am
Raynor Goddard

As Anonymous 9.53am correctly points out it is doubtful that their will be an intervention no matter what the provocation .i.e. alleged account manipulation and case under settlement.

Mr Phillip has already made this clear in his comments to legal futures.

So no intervention no claims against the SCF.

If however there was an intervention then client compensation would not be the worry as most files are PI and will be transferred with clients suffering no quantifiable loss.

The worry to the SRA will be who will fund the intervention? Judged on past performance it has cost them £1m to undertake an intervention of a £10m turnover firm, hence the potential with S&G given their size would be enormous.

You would literally be talking of intervention costs running into the 10's of millions. This would all be funded by the SCF as any recovered cash would fund the resulting liquidation and associated costs.

If this happened the SCF would be crippled and the most passed onto the profession.

And that is why the SRA won't and intact cannot intervene.