Legal Profession Act 2007

This section applies if, before the commencement, the law society paid an amount (the capped payment) from the fidelity fund for a claim that was less than the allowed amount for the claim because the payment was limited by an amount fixed under former section 396.

As soon as practicable after the commencement, the law society must pay the claimant an amount from the fidelity fund for the claim that is equal to the difference between—

the capped payment; and

the allowed amount of the claim.

The law society must also pay the claimant interest on the amount payable from the fidelity fund under subsection (2).

The interest—

must be calculated at the rate prescribed by regulation from the day the capped payment was made; and

is payable from the fidelity fund.

In this section—