Decisions to impose a financial penalty

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You are reading current version in effect from 25 November 2019



The SRA's approach to financial penalties - Guidance

Guidance: A guide for our decision makers to assist them in arriving at an appropriate financial penalty for the individuals and firms we regulate.

Decision-making, reviews and attendance procedures

This document sets out how we make a first instance decision (FID) and how we deal with an application for an internal review of that decision.

Glossary terms

authorised decision maker

in relation to a decision, means a person authorised to make that decision by the SRA under a schedule of delegation


means a person who has been admitted as a solicitor of the Senior Courts of England and Wales and whose name is on the roll, save that in the SRA Indemnity Insurance Rules and the MTC this includes a person who practises as a solicitor whether or not the person has in force a practising certificate, and also includes practice under home title of a former REL who has become a solicitor


authorised person
  1. subject to sub-paragraph below, means a person who is authorised by the SRA or another approved regulator to carry on a legal activity as defined under s12 of the LSA and the term "non-authorised person" shall be construed accordingly; and
  2. in the SRA Financial Services (Scope) Rules, has the meaning given in section 31 of the FSMA

means the Solicitors Regulation Authority


includes a body of persons (corporate or unincorporated)


means prescribed by the SRA from time to time