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There is a “real risk” that members of the public will view the Solicitors Regulation Authority as “simply preferring the word of solicitors”, its independent review body has concluded. The Independent Complaint Resolution Service called for a review of compensation claim fund claims.

The Bar Standards Board (BSB) has proposed that it should be given, for the first time, the power to intervene in barristers’ practices and chambers. It also wants new powers on fines and setting up a compensation fund.

The number of lawyers demanding an independent review of their treatment at the hands of the Solicitors Regulation Authority has gone up, despite a decline in members of the public making a similar request.

The Solicitors Regulation Authority expects its compensation fund to have to pay out up to £2.5m in the next practising year to cover the cost of negligence claims against uninsured law firms, it has emerged.

The Solicitors Regulation Authority has called for the minimum level of indemnity cover firms must obtain to be cut to £500,000. The existing limits are £2m for traditional partnerships, or £3m for incorporated practices.