The fund compensates clients who have sustained loss as a consequence of dishonesty on the part of a solicitor or an employee of a solicitor.
Q WHO PAYS FOR IT?
The fund (current level is in excess of €18m) is financed by the country's solicitors, who each year pay more than €2,000 a year for a practice certificate.
Q WHY CAN'T FAMILIES BE COMPENSATED FOR PROPERTY-VALUE LOSS?
The Compensation Fund is a statutory scheme, akin to a trust. Therefore it cannot pay out general damages to a solicitor's client who has been deprived of money. Families can't sue when their homes were sold at a much lesser price than the initial offer.