Practitioners are required to obtain an Attorneys Fidelity Fund Certificate each year. This certificate, without which one is not permitted to practise, is issued on behalf of the Fund by a practitioner’s statutory law society upon receipt of a completed application form.
Practitioners are reminded that the form must be completed in accordance with the regulations under the Act. Completed applications for the ensuing year must be submitted to the offices of the relevant statutory law society by 15 October in each year. If commencing practice for the first time, the application will be in respect of the current year. Printed application forms can also be obtained from the law societies’ offices.
The financial information in section 10 of the form will be used by the Fund to negotiate enhanced benefits with the banking industry in our ongoing continuing effort to improve the interest return on practitioners’ trust account balances. Interest returns enable the Fund to contribute towards the costs incurred by practitioners in operating their trust current bank accounts, and for the first level of professional indemnity insurance cover, which is provided to all practitioners at no cost.
Such information will also be used by the Fund to provide statistics for risk management and reinsurance programmes.