General information to be provided

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Glossary terms

contract of insurance

means (in accordance with article 3(1) of the Regulated Activities Order) any contract of insurance which is a long-term insurance contract or a general insurance contract


means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

personal recommendation

means a recommendation that is presented as suitable for the person to whom it is made, or is based on a consideration of the circumstances of that person



  1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 a firm with permission to effect or carry out contracts of insurance (other than a bank); and
  2. for the purposes of the SRA Indemnity Insurance Rules and the MTC the underwriter(s) of the insurance


voting rights

in a body includes the right to vote in a partners', members', directors' or shareholders' meeting, or otherwise in relation to the body, and "control the exercise of voting rights" shall be interpreted as including de facto as well as legal control over such rights.

insurance undertaking

has the meaning given to "IDD insurance undertaking" in the FCA Handbook

authorised body


  1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
  2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice