10 February, 2015
The CLC wants to hear from past applicants to the Compensation Fund, the Regulated Community, policy-makers and consumer representatives about its plans for the future of the Compensation Fund.
A consultation has been launched today that will run until Tuesday, 31st March.
The Compensation Fund is administered by the CLC as a fund for clients who have suffered financial loss at the hands of a CLC-regulated lawyer and where other remedies have failed. It is funded by a levy on the Regulated Community.
Chief Executive of the CLC, Sheila Kumar said: ‘Our new proposed Operating Framework for the CLC Compensation Fund has been designed to give applicants greater clarity about the circumstances under which an application to the Fund will be successful. It also takes into account the Better Regulation principles of transparency, accountability, proportionality, consistency and targeted action. We need the views of lawyers, their clients, consumer groups and other policy makers before we finalise our proposals for decision by the governing Council of the CLC.‘