SRA Standards and Regulations
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SRA Compensation Fund Rules (Archived)
Deduction from grants
The SRA may deduct from any grant such amount as it sees fit so that the applicant will not be in a better position by reason of a grant than the applicant would have been in if no loss had been sustained. The SRA may deduct from any grant such amount as it sees fit to represent monies already recovered, or which will or should have been recovered, by the applicant through other means in...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Client money must be kept separate
You keep client money separate from money belonging to you or the Prescribed Organisation. You ensure that you allocate promptly any funds from mixed payments you receive to the correct client account or any other accounts operated by the Prescribed Organisation. Where you are holding client money and some or all of that money will be used to pay your costs: you must give a bill of costs, or...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Duty to correct breaches after discovery
You correct any breaches of these rules promptly upon discovery. Any money improperly withheld or withdrawn from a client account must be immediately paid into the account or replaced as appropriate.
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Obtaining and delivery of accountants' reports
The SRA may require you to obtain or deliver an accountant's report to the SRA on reasonable notice if the SRA considers that it is in the public interest to do so. You must ensure that any such report is prepared and signed by an accountant who is a member of one of the chartered accountancy bodies and who is, or works for, a registered auditor. The SRA may disqualify an accountant from...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Client accounting systems and controls
You keep and maintain accurate, contemporaneous, and chronological records to: record in client ledgers identified by the client's name and an appropriate description of the matter to which they relate: all receipts and payments in your name which are client money on the client side of the client ledger account; all receipts and payments in your name which are not client money on the business...
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SRA Indemnity Fund Rules
Authority
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SRA Indemnity Fund Rules
Establishment and maintenance of fund
The SRA shall maintain the Indemnity Fund in accordance with these Rules. The purpose of the Indemnity Fund is to provide indemnity against loss as mentioned in section 37 of the SA as extended by section 9 of the AJA, Schedule 4 paragraph 1(3) of the European Communities (Lawyer's Practice) Regulations 2000 and section 89 of the Courts and Legal Services Act 1990 in the circumstances, to the...
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SRA Indemnity Fund Rules
Indemnity Periods before 1 September 1987
The policies taken out and maintained and the certificates issued by the Society pursuant to the Solicitors' Indemnity Rules 1975 to 1986 shall continue to provide cover subject to and in accordance with their terms in respect of their respective periods up to and including 31 August 1987. They shall not provide cover in respect of any subsequent period.
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SRA Indemnity Fund Rules
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...
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