Legal Services (Scotland) Act 2010
2010 asp 16
Commentary on Sections
Part 2 – Regulation of Licensed Legal Services
Chapter 1 – Approved Regulators
Compensation arrangements
Section 24 – Choice of arrangements
52.Section 24 requires each approved regulator to choose one of two options in order to provide for a compensation fund for the purposes of compensating clients for monetary losses suffered by reason of dishonesty on the part of its licensed providers. Approved regulators must either create a compensation fund which it must hold and administer in such a way as corresponds with the Scottish Solicitors Guarantee Fund (“the Guarantee Fund”), or use the Guarantee Fund. The approved regulator must inform the Society of its choice.
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