Law Society to reduce cost of solicitors’ practising certificate fees
18 July, 2017
The Law Society has announced that it will reduce the overall cost of its solicitors practising certificate fees to £278, according to reports.
The move represents a reduction of £12 – and the Society has said that it is expecting to collect £1.2m less than in 2016 as a result of the change, combined with fluctuating income from other sources.
It is expecting to collect a total of £137m over the course of this year – £52.6m of which will go to the Solicitors Regulation Authority (SRA), £32.8m that will be distributed across the Law Society itself and the remainder of which will be shared between the Legal Services Board, Solicitors Disciplinary Tribunal and the Legal Ombudsman.
It is estimated that approximately £300,000 will be set aside to pay for a new regulatory role to be created by watchdog the Financial Conduct Authority (FCA) in coming months.
This new role will focus on identifying money laundering activity in the sector, according to reports.
The news comes after the SRA previously voiced concerns that it is expecting a rise in involvement with fraudulent investment schemes in coming months, and will be increasing its contributions to support the Solicitors Compensation Fund (SCF).
It said that compensation contributions would rise by £8 to £40 per solicitor, while firm contributions will increase by £230 to £778.
“The number of solicitors involved is very small, but the impact is very significant both in terms of damage done to the reputation of the profession and the losses sustained by what are often vulnerable members of the public,” the SRA said.
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