bank security of solicitors' client accounts

The answer is the obvious one. The guarantee is a maximum of £35,000 for each bank. Why don't you take out insurance?

"PeterSaxton" wrote

Doesn't the solicitor already have insurance for client deposits?

My experience is that you give the money to the solicitor on the day of completion (although a telegraphic transfer from each of several banks will cost).

Then the solicitors' bank would have to go bust within a matter of hours.

How you asked your solicitor about this possibility?

Does the Law Society ( similar organisations in Eng and Scot) not protect cash in Client Accounts in the event of Fraud or a solicitor going bust .

I will ask him when I instruct him. of course, it would not be fraud or the solicitor going bust. It's interesting that the answer is not obvious.

Robert

Indeed but is it really something you need to worry over ?

Probably not, but I'd worry even less if i thought the money was protected.

Robert

You mean some kind of negative worry?

Bwahaaaaaahaaaaaa!

The Law Society exists to protect the interests of solicitors..........but you knew that already.

Didn't you?

In message , snipped-for-privacy@gmx.com writes

The Law Society is the representative body for solicitors.

The Solicitors' Regulation Authority is the regulator for the legal profession, which operates a fund to compensate any person who loses money due to the fraud of any solicitor. It is funded entirely by solicitors. It is wholly in the interests of clients, and completely against the interests of solicitors to run such a fund. In my view, when we move to alternative business structures, with legal services being provided by the Co-op etc, the indemnity fund has no place in the brave new world. It is every man for himself in this commercial wonderland. And you can forget that we ever considered ourselves a profession.

Richard Miller posted

Not entirely. Its existence may induce people to trust and thus employ a solicitor when they might not otherwise have done. Like the arrangements set up by the banking, insurance and tourism industries to build consumer confidence.

Well, there's always a silver lining :)

I have just instructed the solicitor and I asked him about the risk to the money in his client account. His response was; "that's a very intersting question and I don't know the answer. I'll find out.".

When he finds out I'll post it here.

Robert

When he finds out, he'll be in the Bahamas.