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Fraud: Land

Ministry of Justice written question – answered on 29th April 2020.

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Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, how many investors in land banking investment scams have been compensated by the Solicitors Regulation Authority as a result of a solicitor being successfully prosecuted.

Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, what recent assessment his Department has made of whether the Solicitors Regulation Authority is effectively meeting its regulatory objectives.

Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, for what reasons the Solicitors Regulation Authority has not attempted to recover proceeds of land banking investment scams in cases where solicitors have been successfully prosecuted.

Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, what assessment his Department has made of whether the Solicitors Regulation Authority is effectively meeting its regulatory objectives when compensating victims of land banking investment scams.

Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, for what reasons the Solicitors Regulation Authority plans to change the rules of its compensation fund on fraud.

Photo of Craig Whittaker Craig Whittaker Assistant Whip

To ask the Secretary of State for Justice, if he will investigate for what reasons the Solicitors Regulation Authority have compensated a small proportion of people who invested in land banking investment scams.

Photo of Alex Chalk Alex Chalk Assistant Whip, The Parliamentary Under-Secretary of State for Justice

Under the framework established by the Legal Services Act 2007, the legal profession in England and Wales, and the bodies that regulate it, are independent from government. It is the responsibility of the Legal Services Board (LSB), as oversight regulator, to ensure that the approved regulators are complying with the regulatory objectives set out in the 2007 Act. Their latest reports on regulatory performance are available online here https://www.legalservicesboard.org.uk/our-work/regulatory-performance#regulatory-performance-reports. The role of the Solicitors Regulation Authority (SRA) is as a regulator of solicitors. The SRA consulted between 21 January and 21 April on changes to its compensation fund. Details about the fund and this exercise are available online here https://www.sra.org.uk/sra/consultations/consultation-listing/access-legal-services/. Should the SRA proceed to change the rules of its compensation fund, it will firstly need to seek the approval of the LSB, and it will be matter for the LSB to determine whether or not to approve the new rules.

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