The SRA Compensation Fund paid out over £23,800 million in the year to 31st October 2014, latest figures reported to the SRA Board meeting reveal.
Grants are primarily paid from the Fund to compensate those who have lost out financially as a result of money not being accounted for, or in some cases misappropriated, by a solicitor or legal firm regulated by the SRA.
Compensation Fund payments are made against a broad range of legal service transactions including conveyancing, probate, immigration and personal injury.
Paul Philip, SRA Chief Executive said: ;”The Compensation Fund is an integral part of our regulatory model. It provides a safety net, providing those facing hardship, and the most vulnerable, with real help and support when they need it the most.”
During the 12 months to 31st October 2014 the Fund received 1,701 claims with the average claim amount paid out in the year being £80,000.