Sub-committees of the Regulatory Committee

Client Protection Sub-Committee

Alison Atack - Convener

Sheila Kirkwood - Secretary (sheilakirkwood@lawscot.org.uk)

The aims and functions of the Committee are to:

  • oversee the fulfilment of the statutory obligations of the Law Society of Scotland regarding the Client Protection Fund (the new operating name for the Scottish Solicitors' Guarantee Fund) and financial compliance
  • ensure that risks to the Client Protection Fund are managed to an agreed and acceptable level
  • ensure that Client Protection Fund operations are in accordance with stated Client Protection Fund policy
  • protect the Client Protection Fund, the profession and the public interest by dealing properly and promptly with significant cases of non-compliance with accepted financial compliance standards (eg accounts rules/money laundering regulations)
  • influence strategic developments regarding financial compliance and the Client Protection Fund to ensure that processes remain up to date and fit for purpose
  • enable effective communications with the profession, public and other stakeholders  regarding financial compliance standards and Client Protection Fund claims
  • benefit the Client Protection Fund/financial compliance processes by acting as a source of expertise on relevant working practices and issues within the legal profession
  • monitor financial compliance activity (planning, progress, quality & approach)
  • review outputs from financial compliance activity (including the conducting of interviews) and where appropriate (eg as a result of breaches in accounts rules or money laundering regulations), refer matters of professional conduct to the Scottish Legal Complaints Commission and Complaints Investigation Team for investigation or recommend other actions (eg interventions, judicial factories etc) in accordance with the scheme of delegation
  • monitor the consistency and quality of Client Protection Fund claims and intimations processing
  • decide upon Client Protection Fund claims (as detailed in the delegated powers)
  • consider and approve strategic policy matters related to financial compliance and Client Protection Fund matters
  • consider the continuing adequacy of accounts rules and other guidance to protect the Client Protection Fund, the profession and the public, monitor the development of new or amended rules and recommend these for approval.
  • review financial compliance activity to inform and influence the profession, public and other stakeholders about relevant financial standards, compliance requirements and claims issues
  • monitor Client Protection Fund risk management procedures and approve
  • decide key policies related to insurance arrangements, financial reserve levels, investment decisions and firms which pose a risk to the fund
  • monitor the financial position of the Client Protection Fund and recommend approval of the annual budget and annual subscriptions to the Council
  • be made aware of operational developments in the workings of the financial compliance and Client Protection Fund functions