Frances Fitzgerald (Dublin Mid West, Fine Gael) | Oireachtas source

This is to deal with something in the original Bill, but there is a different situation now. It deletes the provisions relating to the ability of the authority to make regulations about interest on client moneys. This is being done to reflect the fact that the Law Society of Ireland will perform this role as part of its retained functions for the financial and compensation fund spheres. Until such time as barristers can hold client money, the authority will not need to exercise this power in its own right. This power is not relevant or necessary for the functioning of the new authority at this point. Obviously, regulations in this area made by the Law Society will be subject to approval by the new regulatory authority.

I discussed this question at the beginning of Committee Stage. I made the point that we do not want the Government to be liable for any of these issues. A clear decision was made by the previous Minister in respect of the complex issues relating to the compensation fund. The fund has been handled by solicitors up to now, and it will continue to be handled by them.