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That is a huge increase for the small firm, which I am. Perhaps loading the cost onto the small firm is a legitimate exercise of power if the small firms cause the majority of claims. As I rarely use the client account it does however seem a bit unfair to me!

I wonder however what saving I will make from Mr Phillip's plan to cut the cost of indemnity insurance. I doubt it will be as much as the compensation fund levy increase which surely makes the whole expense with this pet project seem a little pointless. At the end of the day if I save £500 on insurance will it not simply go into my pocket ready to fund the next compensation fund increase?