About Fidelity Fund
The Legal practitioners Fidelity Fund (LPFF) previously known as Attorneys Fidelity Fund (AFF) is a fidelity guarantee fund, which exists in terms of the Legal Practice Act. The LPFF exists to protect the public against loss as a result of theft of trust funds. The protection provided by the Fund encourages the public to use services provided by legal practitioners with confidence. The Fund’s sustainability and ability to serve the public relies on its ability to respond to and adapt to internal and external trends and challenges in the regulatory and South African legal environments.
The primary purpose of the Legal Practitioners Fidelity Fund (‘the Fund’) is to reimburse clients of Legal Practitioners who may suffer pecuniary loss due to the theft of money or property entrusted to an attorney in the course of his/her practice as such, or where an attorney acts as executor or administrator in a deceased estate, or as a trustee in an insolvent estate.
- Promote access to, and confidence in, the administration of justice by ensuring that victims of such theft are promptly and fully compensated for their loss.
- Provide, in the public interest, professional indemnity insurance cover to practitioners against claims arising out of the conduct of the profession by legal practitioners.
- Ensure, by the application of appropriate risk management measures, that at all times it has adequate resources, skills and appropriate organisation structures to meet its objectives and to minimise the risk to consumers of legal services.
- Be responsive and accessible to legitimate claimants by providing information as to its existence and purpose.
- Function as a premier institution of civil society, at all times observing the highest standards of corporate governance and integrity in order to promote public confidence in the probity, dignity and status of the practitioners’ profession.
Industry Type: Private