The Legal Practitioners' Fidelity Fund
The Legal Practitioners' Fidelity Fund (the Fidelity Fund) is administered by the Society.
One of the functions of the Fidelity Fund is to provide a source of compensation for persons who have suffered a financial loss as a consequence of fiduciary or professional default by a legal practitioner. The Fidelity Fund does not reimburse losses suffered as the result of negligence. Law practices have professional indemnity insurance policies for this purpose.
If you believe that you have suffered financial loss as the result of fiduciary or professional default by a legal practitioner, and there is no alternative reasonable prospect of recovering the full amount of that loss, you can make a claim for compensation from the Fidelity Fund pursuant to section 60 of the Legal Practitioners Act 1981.
Notifications of claims against the Fidelity Fund must be made in writing to the Society. We recommend that potential claimants obtain advice about making a claim from a legal practitioner. If the claim is accepted the costs of doing so may be included in the amount of compensation awarded.
Financial Services Reform disclosure notice
Pursuant to ASIC class order relief, the Law Society of South Australia is not licensed under the Corporations Act 2001 (Cth) in relation to the operation of the Fidelity Fund.
The Law Society of South Australia is not regulated under the Insurance Act 1973 (Cth).