SRA Standards and Regulations

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.

Safekeeping of clients' investments

Where you undertake the regulated financial services activity of safeguarding and administering investments, you must operate appropriate systems, including the keeping of appropriate records, which provide for the safekeeping of assets entrusted to you by clients and others. Where such assets are passed to a third party: you should obtain an acknowledgement of receipt of the property; and if...

Communication and disclosure

You must ensure that, in relation to insurance distribution: you communicate all information, including marketing communications, in a way that is clear, fair and not misleading. your marketing communications are always clearly identifiable as such.

Demands and needs

Prior to the conclusion of a contract of insurance, you must specify on the basis of information obtained from the client, the demands and needs of that client. The details must be adapted according to the complexity of the contract of insurance proposed and the individual circumstances of the client. You must give the client a statement of the client's demands and needs prior to the...

Fee disclosure: additional requirements

Where a fee is payable, you must inform the client of the amount of the fee before the client incurs liability to pay the fee, or before conclusion of the contract of insurance, whichever is earlier. To the extent that it is not possible for the amount in rule 17.1 to be given, you must give the client the basis for its calculation. This rule applies to all such fees that may be charged during...

Means of communication to clients

Rule 18 applies to all information required to be provided to a client in this Part. You must communicate information to the client on paper or using any of the following means: a durable medium other than paper where the following conditions are satisfied: the use of a durable medium other than paper is appropriate in the context of the business conducted between the firm and the client; and...

Professional and organisational requirements

You must ensure that: the firm and each relevant employee possesses appropriate knowledge and ability in order to complete their tasks and perform duties adequately; and that all the persons in its management structure and any staff directly involved in insurance distribution activities are of good repute. In considering a person's good repute, you must as a minimum ensure that the person: has...

Disclosure of information

Where you undertake credit-related regulated financial services activities for a client, you must ensure that information in connection with such activities and any agreements to which they relate are communicated to the client in a way that is clear, fair and not misleading. Where you carry on the activity of credit broking, you must indicate in any advertising and documentation intended for...

Information in respect of individuals

The roll, and the registers in regulation 1.1(b) to (d) shall contain the following information in respect of each individual included in the same: their full name; their authorisation number; the date of their admission as a solicitor or commencement of their registration, as appropriate; in respect of solicitors that hold a current practising certificate, the fact that they do so and the...

Application

These rules apply to authorised bodies that are not regulated by the FCA, their managers and employees and references to "you" in these rules should be read accordingly. Where an authorised body is a licensed body, these rules apply only in relation to the activities regulated by the SRA in accordance with the terms of the body's licence.