SRA Standards and Regulations

Treating complaints fairly

Notwithstanding your complaints handling obligations in the SRA Code of Conduct for Firms, you must have in place and operate appropriate and effective procedures for registering and responding to complaints from a person who is not a client.

Application

Apart from rule 2 (Status Disclosure), these rules apply to: authorised bodies which are not regulated by the FCA; authorised bodies which are regulated by the FCA, but only in respect of their non-mainstream regulated activities; and the managers and employees of authorised bodies in (a) and (b) above, and references to "you" in these rules should be read accordingly. Where an authorised body...

Regulated credit agreements

Where you carry on a credit-related regulated financial services activity involving a proposed regulated credit agreement, you must: provide adequate explanations to the client in order to enable the client to assess whether the proposed regulated credit agreement is suitable to the client's needs and financial situation; and when providing such explanations, comply with the requirements of...

Records of transactions

Where you receive instructions from a client to effect a transaction, or make a decision to effect a transaction in your discretion, you must keep a record of: the name of the client; the terms of the instructions or decision; and in the case of instructions, the date on which they were received. Where you give instructions to another person to effect a transaction, you must keep a record of:...

General information to be provided

In good time before the conclusion of a contract of insurance, you must disclose the following information to clients: whether you provide a personal recommendation about the insurance products offered; the procedures allowing clients and other interested parties to register complaints about you and information about the out-of-court complaint and redress procedures available for the...

Details of participating insurer

This rule is in addition to any obligations imposed on the authorised body under the Provision of Services Regulations 2009. If a claimant asserts a claim against an authorised body or any person insured under that authorised body's policy, and the claim relates to any matter within the scope of cover of the MTC, the authorised body, and any person who is at the relevant time a principal in...

Obligation to effect insurance

An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer. In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and...

Use of information

Each authorised body must notify the SRA (or such person as the SRA may notify to the authorised body from time to time) and its participating insurer in writing as soon as reasonably practicable and in any event no later than five business days after the date on which: the authorised body enters an extended policy period; the authorised body has entered the cessation period; and where the...

Special provisions for RELs

If: one or more of the principals of an insured firm are RELs who claim that professional indemnity insurance, or a professional indemnity fund, under their home professional rules provides the insured firm's practice with professional indemnity cover in all respects equivalent in its conditions and extent to that which would be provided under the MTC (Full Home State Cover); no more than 25%...

Withdrawals from client account

You only withdraw client money from a client account: for the purpose for which it is being held; following receipt of instructions from the client, or the third party for whom the money is held; or on the SRA's prior written authorisation or in prescribed circumstances. You appropriately authorise and supervise all withdrawals made from a client account. You only withdraw client money from a...