SRA Standards and Regulations

Application of the Rules

These Rules shall apply to a practice carried on by: a sole solicitor; an REL practising as a sole practitioner; a recognised body; a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies; a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs; a partnership consisting of one or more RELs with or...

Scope of indemnity

The following persons, namely: solicitors, former solicitors, RELs, persons formerly practising RELs, RFLs practising in partnership with solicitors or RELs, persons formerly practising as RFLs in partnership with solicitors or RELs, non - registered European lawyers practising in partnership with RELs, and persons formerly practising as non - registered European lawyers in partnership with...

Manner of indemnity

Such indemnity shall be provided, according to the decision of the SRA as set out in Rule 10.2, in any one or any combination of the following ways: by payment, in or towards satisfaction of the claim and/or claimant's costs and expenses, to or to the order of the claimant making the claim; by payment, in respect of the claim and/or claimant's costs and expenses and/or costs and expenses...

Source of indemnity

Any such indemnity shall be provided and any claim thereto shall lie and be made exclusively out of and against the Indemnity Fund. The SRA shall have no obligation to provide indemnity save to the extent that the same can be provided out of the Indemnity Fund. In no circumstances shall any claim to indemnity lie or be made against the SRA or the Society or the Council or the Legal Services...

Maximum liability of the Indemnity Fund

The liability of the Indemnity Fund as stated in Rule 8.1(c) shall in no event exceed in respect of each such claim the indemnity limit for the relevant indemnity period. All claims arising from the same act or omission (whether or not made or intimated or arising out of circumstances notified during the same indemnity period and whether or not involving the same or any number of different...

Indemnity limit

Save in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply, the indemnity limit shall be £1,000,000 each and every claim (including claimants' costs).

Conditions

The previous practice and each member thereof shall procure that notice to the SRA shall be given in writing as soon as practicable of: any claim(s) the subject of Rule 8 made or intimated during the relevant indemnity period against it, him or her of any claim for or likely to be for more than £500; or the receipt by it, him or her of notice of any intention to make any such claim(s). The...

Arbitration

If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...

Powers of the SRA

The SRA shall hold, and have full power to manage and administer, the Indemnity Fund, subject only to: such directions, conditions and/or requirements as the SRA may from time to time issue to or impose upon it expressly pursuant to this provision, and/or such further detailed arrangements as the SRA may from time to time agree with it. Without limiting the generality of Rule 17.1, the...

Decisions by the Society

The Society shall have power to treat any person as complying with any provision of these Rules for the purposes of the SA notwithstanding that the person has failed to comply with any provision of these Rules where such non-compliance is regarded by the Society in a particular case or cases as being insignificant.