SRA Standards and Regulations
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SRA Indemnity Rules 2012
Application of the Rules
These Rules shall apply to a practice carried on by: a sole solicitor; an REL practising as a sole practitioner; a recognised body; a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies; a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs; a partnership consisting of one or more RELs with or...
Found in
SRA Indemnity Rules 2012
Indemnity
Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...
Found in
SRA Indemnity Rules 2012
Source of indemnity
Any such indemnity shall be provided and any claim thereto shall lie and be made exclusively out of and against the fund. Solicitors Indemnity Fund Limited shall have no obligation to provide indemnity save to the extent that the same can be provided out of the fund. In no circumstances shall any claim to indemnity lie or be made against the Society or the Council or the Legal Services Board....
Found in
SRA Indemnity Rules 2012
Establishment and maintenance of fund
The Society shall maintain the fund in accordance with these Rules. The purpose of the fund is to provide indemnity against loss as mentioned in section 37 of the SA as extended by section 9 of the AJA, Schedule 4 paragraph 1(3) of the European Communities (Lawyer's Practice) Regulations 2000 and section 89 of the Courts and Legal Services Act 1990 in the circumstances, to the extent and...
Found in
SRA Indemnity Rules 2012
Maintenance and termination of the fund
The fund shall continue to be held, managed and administered by Solicitors Indemnity Fund Limited for so long as and to the extent that the Society, in the light of the reports made to it by Solicitors Indemnity Fund Limited, may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or...
Found in
SRA Education, Training and Assessment Provider Regulations
Requirements for recognised training
A period of recognised training must: unless regulation 4.2 applies, be of a duration of a total of at least two years full time, or equivalent; ensure that the trainee has applied and developed the skills as set out in the Practice Skills Standards; be appropriately supervised by solicitors and other individuals who have adequate legal knowledge and experience in the practice area they are...
Found in
SRA Education, Training and Assessment Provider Regulations
Training principals
The training principal for an authorised training provider must: be a solicitor holding a current practising certificate or be a practising barrister; notify the SRA in the prescribed form before any individual commences a period of recognised training or if this is not possible then as soon as practicable thereafter; ensure that the training provided meets the requirements of regulation 4;...
Found in
SRA Regulatory and Disciplinary Procedure Rules
Schedule 1
This schedule sets out the basis for calculating the charges payable under rule 10. The SRA will record the amount of time spent by the SRA or its agents in investigating the matter, including time spent on correspondence, evidence gathering and analysis, and report writing. The standard charges are as follows: Number of hours spent investigating matter Standard Charge Under 2 hours £300 2...
Found in
SRA Financial Services (Conduct of Business) Rules
Record of commissions
Where you receive commission which is attributable to your regulated financial services activities, you must keep a record of: the amount of the commission; and how you have accounted to the client.
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