The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.

SRA Handbook

General

Back to version 21

Version 12 of the Handbook was published on 31/10/2014. For more information, please click 'History' Above

Part 1: General

Rule 1: Interpretation

1.1

The SRA Handbook Glossary 2012 shall apply and, unless the context otherwise requires:

(a)

all italicised terms shall be defined; and

(b)

terms shall be interpreted,

in accordance with the Glossary.

Rule 2: Holding statutory trust monies

2.1

The SRA will place all statutory trust monies in identifiable statutory trust accounts.

2.2

All interest earned on any statutory trust account will be added to that account.

Rule 3: Proportionality

3.1

Nothing in these rules shall require the SRA to take any action which it considers unreasonable or disproportionate in the context of any statutory trust account.

3.2

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

4.1

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.

4.2

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.

4.3

The SRA will attempt to contact all persons identified as having a potential beneficial interest in the statutory trust monies inviting them to submit a claim in accordance with rule 5.