The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
SRA Handbook
Version 8 of the Handbook was published on 01/10/2013. For more information, please click 'History' Above
Rule 8: Losses outside the remit of the Fund
- 8.1
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For the avoidance of doubt, a grant will not be made in respect of the following:
- (a)
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Losses arising solely by reason of professional negligence by a defaulting practitioner, or the employee or manager of a defaulting practitioner.
- (b)
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Losses which are the personal debts of a defaulting practitioner and where the facts would not otherwise give rise to a claim on the Fund.
- (c)
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The loss results from, but does not form part of, any misappropriation of, or failure to account for, money or money's worth.
- (d)
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The loss results from the trading debts or liabilities of the defaulting practitioner.
- (e)
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The loss amounts to a claim for contractually agreed interest between the applicant and the defaulting practitioner.
- (f)
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The SRA was not notified of the applicant's loss in accordance with rule 11.
- (g)
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The loss occurred in relation to an overseas partnership which does not fall within rule 50.1(c) or 50.2(b) of the SRA Accounts Rules, unless:
- (i)
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the loss occurred as a result of a solicitor's dishonesty; or
- (ii)
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the loss occurred as a result of failure to account by a solicitor acting as a named trustee.
- (h)
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The application is by the Legal Aid Agency
Services Commissionfor loss occasioned through making regular payments under the Agency'sCommission'scontracting schemes for civil and/or criminal work. - (i)
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In the case of a defaulting licensed body, losses incurred other than in the course of performance of a regulated activity.
- 8.2
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For the avoidance of doubt, a grant will not be made under rule 5 in respect of the following:
- (a)
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Where there is a policy or policies of qualifying insurance against which a claim could be or has been made in respect of the civil liability of the defaulting practitioner or the defaulting practitioner's employee or manager.
- (b)
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Any losses that would not be covered under the terms, conditions and exclusions of the MTC had the loss been subject to a claim under a policy of qualifying insurance.