The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Version 21 of the Handbook was published on 06/12/2018. For more information, please click 'History' Above
Part 1: General
Rule 1: Interpretation
The SRA Handbook Glossary 2012 shall apply and, unless the context otherwise requires:
all italicised terms shall be defined; and
terms shall be interpreted,
in accordance with the Glossary.
Rule 2: Holding statutory trust monies
All interest earned on any statutory trust account will be added to that account.
Rule 3: Proportionality
The SRA may apply a level to beneficial entitlements within a statutory trust account below which it will not attempt to identify and/or locate potential beneficiaries where in the opinion of the SRA it would be unreasonable or disproportionate to do so. The level applies to the principal sum identified as relating to a particular beneficiary, after the application of any pro-rata adjustment which may be made under rule 7.2 and ignoring the addition of any interest as set out in rule 8.1.
Rule 4: Identifying beneficial entitlements
In respect of the statutory trust monies held following an intervention, the SRA will create a reconciled list or a best list from the evidence which it has available, including documents and other evidence provided by or on behalf of claimants.
In creating a reconciled list or a best list, any sums of money which are identified within a statutory trust account as being payments on account of costs, or which are equivalent to the costs incurred in the matter to which the funds relate, will be treated as due to the client rather than the intervened practitioner, unless there is sufficient evidence of a bill or other written notification of costs having been sent to the client.