Scottish Solicitors' Guarantee Fund
The Scottish Solicitors' Guarantee Fund exists to protect
clients who have lost money because of the dishonesty of a
solicitor or a member of their staff. The fund is paid for
entirely by solicitor firms without the use of taxpayer money from
government.
The Guarantee Fund is a fund of last resort and in most cases
will only compensate those who have exhausted all other options of
recovery. Special consideration can be given to Fund payments for
ongoing transactions with a trading solicitor firm where a Judicial
Factor has been appointed. However, this will always depend
on the circumstances of the individual case.
The award of a grant is discretionary and is decided by the
Society's Guarantee Fund Committee, which is made up of experienced
solicitors and people from outwith the legal profession
altogether.
The Society's Financial Compliance Department promotes good
practice in handling client money and monitors compliance with the
Society's rules by carrying out detailed inspections of
solicitors' records.
Anyone who thinks they have lost money as a result of the
dishonesty of a solicitor or their staff can apply to the fund for
compensation. An application form must be filled in to allow the
claim to be investigated. Those considering the claim will ensure
it meets the conditions for a grant and verify the amount of
loss.
A policy document gives further information on
the claims process including:
- who can make a claim
- how to make a claim
- how much can be claimed
- time limits for notification of a
claim
- claims assessment, investigation and
approval processes
It is important to read this document
carefully. More detailed information is contained in the guidance
document. If you have any queries or need more
information, please contact:
Solicitor to the Guarantee Fund
The Law Society of Scotland
26 Drumsheugh Gardens
Edinburgh
EH3 7YR
If you are unhappy about the way that
your claim has been handled, please write to:
Philip J Yelland
Director of Regulation
The Law Society of Scotland
26 Drumsheugh Gardens
Edinburgh
EH3 7YR