Can the SRA award compensation?
Asked by: Deondre O'Keefe | Last update: February 10, 2026Score: 4.5/5 (36 votes)
Yes, the Solicitors Regulation Authority (SRA) operates a Compensation Fund that can award money to people who have lost funds due to a solicitor's dishonesty or failure to account for money, acting as a safety net when law firms close or mismanage client funds, though it's a discretionary fund of last resort. You can apply to recover money lost from SRA-regulated firms, but you must provide evidence and meet specific criteria.
What powers does the SRA have?
The SRA has power to do any of the following:
- Give a solicitor written rebuke.
- Direct a solicitor to pay a penalty.
- Publish details of a written rebuke or a direction to pay a penalty.
- Impose a disqualification from acting as a HOLP or HOFA or being a manager or employee.
- Make an application to the Tribunal.
What is the maximum amount for the SRA compensation fund?
Unless the SRA is satisfied that there are exceptional circumstances in the public interest that justify a higher sum, the maximum grant that may be made is £2 million.
What is the SRA compensation fund?
About the Compensation Fund
It provides a vital safety net for client money that is not accounted for or has been stolen. Usually, people make a claim on the fund after we have intervened into a law firm they were using. The SRA manages the fund and law firms and solicitors pay into it through an annual contribution.
What is the rule 7 of the SRA account rules?
Rule 7: Payment of interest
You account to clients or third parties for a fair sum of interest on any client money held by you on their behalf.
How compensation awards are worked out an employment tribunal
What is the rule 12 of the SRA?
Rule 12.1 of the SRA Accounts Rules requires firms that hold or receive client money to obtain an accountant's report within 6 months of the end of the accounting period to which the report relates. The report should only be delivered to us if it is qualified.
What is the rule 4 of the SRA?
4: Client money and assets
You properly account to clients for any financial benefit you receive as a result of their instructions, except where they have agreed otherwise. You safeguard money and assets entrusted to you by clients and others.
Who is eligible for compensation?
Who is eligible for workmen compensation? Workers Compensation Policy covers all employees involved in manual labor, whether they are full-time, part-time, temporary, or contract workers. It provides protection for workers who experience injuries, disabilities, or death as a result of work-related accidents.
What is entitled to compensation?
The right to compensation is a legal entitlement that allows individuals who have suffered harm or losses to seek financial recovery from those responsible. This principle is founded on the belief that those at fault should bear the financial burden of the consequences of their actions.
What can I claim compensation for?
This could be for:
- personal injury.
- losses from theft or damage to property.
- losses from fraud.
- being off work.
- medical expenses.
- travel expenses.
- pain and suffering.
- loss, damage or injury caused by a stolen vehicle.
What is the average payout for a shoulder injury?
There's no single "average" for shoulder injury settlements, as they vary wildly from a few thousand to hundreds of thousands of dollars, but workers' comp averages are around $50,000-$55,000. Settlements depend heavily on injury severity (surgery often means higher payouts), medical costs, lost wages, impact on daily life, and lawyer expertise, with severe cases like torn rotator cuffs potentially reaching $150,000-$300,000+.
What is a disbursement SRA?
A disbursement is an expense that you may be liable to pay as part of your legal costs. Your lawyer will tell you what these are likely to be in your case. Examples of such expenses include: search fees in a conveyancing transaction, a medical report in a personal injury claim, or.
How much can the SRA fine?
Fining powers
Where there has been a breach of the SRA's Standards and Regulations, and the SRA considers a financial penalty is appropriate, it will consider the level of fine to impose. In July 2022, the SRA's internal fining powers for solicitors and traditional law firms increased from £2,000 to £25,000.
What is the most common complaint against lawyers?
The most common complaints against lawyers center on neglect, lack of communication (unreturned calls/emails, no updates), and fee issues (excessive, unclear, or improper billing), often stemming from poor client management and unmet expectations. Clients frequently feel uninformed, ignored, or surprised by costs, leading to formal grievances about missed deadlines, lack of transparency, or attorneys failing to act in the client's best interest, says Lalegalethics.org and ABA Journal.
What are the 7 principles of the SRA?
SRA Principles
- in a way that upholds the constitutional principle of the rule of law, and the proper administration of justice.
- in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons.
- with independence.
- with honesty.
- with integrity.
How much compensation can I receive?
The amount awarded in compensation varies case to case so there isn't an average payout we can state here. The more an injury affects your day to day life and the longer it takes you to recover from that injury will influence the settlement amount you receive.
What are the rules of compensation?
the party entitled to compensation may draw a bill upon the party liable to compensate him, payable at sight or on demand, for the amount due to him, together with all expenses properly incurred by him. Such bill must be accompanied by the instrument dishonoured and the protest thereof (if any).
What qualifies as compensation?
In professional settings, compensation encompasses what employees receive in return for their work. This can be a combination of base salary, commissions, and additional benefits or bonuses tied to their role. Hourly pay: The rate at which an employee is compensated for each hour of work.
What are the three types of compensatory damages?
Medical Expenses: Hospital bills, surgeries, medications, and rehabilitation. Lost Wages: Income lost during recovery and reduced earning capacity. Property Damage: Repairs or replacement of damaged property.
What are the 3 P's of compensation?
The 3 Ps of compensation are Pay for Position, Pay for Person, and Pay for Performance, a framework for setting salaries based on job requirements, individual skills/experience, and achieved results, respectively, creating a structured, equitable, and motivating system. This model moves beyond just job grade, integrating market value, employee competencies, and individual contributions to determine total compensation, linking pay to organizational goals.
What are the requirements of SRA?
SRA Designation
- Prerequisites. Be a Certified Real Property Appraiser (or equivalent) Hold a bachelor's degree or higher (if not a certified real property appraiser) ...
- Become a Candidate for Designation.
- Requirements. Pass the Residential Comprehensive Exam. View the full details in the Comprehensive Exam Guidebook.
How long can a solicitor hold my money?
A solicitor can hold inheritance money for 6-12 months, but it can be longer if the estate is complicated or if there is no will. Waiting for an inheritance to come through can feel endless, especially when you are grieving and trying to battle financial pressures at the same time.
What does the SRA regulate?
The SRA is the regulator of solicitors and law firms in England and Wales. We regulate more than 200,000 solicitors in England and Wales. by acting when risks are identified.