Legal Services Compensation Scheme Regulations

ICAEW regulations establishing the Probate Compensation Scheme, made by the Council of ICAEW and effective from 22 September 2014; sets out administration of the scheme; eligibility and grounds for grants; exclusions; multi-party and multi-profession issues; application procedures and time limits; documentation requirements; exhausting other remedies; notice to accredited firms; litigation and application costs; maximum payments (including an annual cap and per-estate limit of GBP 500,000); recovery and subrogation; reduction and deduction of grants; refusals; interest and appeals. (AI generated description)

ICAEW regulations setting out the Probate Compensation Scheme for losses arising from fraud, dishonesty or failure to account by accredited probate firms; made by ICAEW Council under the Supplemental Royal Charter and effective from 23 February 2017; includes definitions and interpretation; administration of the scheme by the Probate Committee; scope and levies; investment, insurance and borrowing; eligibility for grants, interim grants and exclusions; treatment of multi-party cases; application process and time limits; documentation and other remedies; notice to firms; costs; maximum payments and abatement; recovery and subrogation; reductions and deductions; refusals and appeals; interest. (AI generated description)