Compensation

The CLC administers a Compensation Fund on behalf of the profession.

The purpose of the fund is set out in this Policy Statement.

Do I qualify for compensation?

You can apply for compensation if you have suffered an actual loss of money or of monetary value arising out of work for which the CLC regulated Practice is legally responsible and if the Practice is unable to meet its liability in full.

You can make a claim if you have suffered a loss that was caused by

• dishonesty
• fraud
• negligence
• failure to account for money received

of a practice regulated by the CLC or of one of their employees. Each case is considered on its merits. Typically, the CLC will not respond claims relating to investment transactions.

We have absolute discretion to decide whether to make any payment out of the Fund –nobody has a legally enforceable right to a grant.

It is a fund of last resort – before we accept your claim, we may require you to recover your losses by all other means available, such as by making an insurance claim or by taking court action. The CLC will not consider making a payment unless it is satisfied that a person has taken all necessary and appropriate steps.

How do I apply for compensation?

You should contact the CLC as soon as possible if you:

• are considering making an application for a grant (applications need to be made within 6 months after you have discovered you may have a claim) or
• are considering taking legal advice (since only in exceptional circumstances will the CLC make an allowance for legal costs claimed by an applicant)

Application Forms are available by email, or you can call 020 3859 0904.