SRA Standards and Regulations

Execution of transactions

You must ensure that where you have agreed or decided in your discretion to effect a transaction, you must do so as soon as possible, unless you reasonably believe that it is in the client's best interests not to.

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...

Cross-selling requirements where insurance is the ancillary product

When you offer a non-insurance ancillary product or service as part of a package or in the same agreement with an insurance product, you must: inform the client whether it is possible to buy the components separately and, if so must provide the client with an adequate description of: the different components; where applicable, any way in which the risk or insurance coverage resulting from the...

Revocation and expiry

The SRA may revoke a practising certificate, or withdraw registration in the register of European lawyers, the register of foreign lawyers and the register of Swiss lawyers at any time, if the SRA is satisfied: that the practising certificate or registration was granted or renewed as a result of error, misleading or inaccurate information, or fraud; that the replacement or renewal date has...

Requirements for authorised training providers

An authorised training provider must: have in place a training principal for the whole duration of any period of recognised training, who meets the requirements of regulation 5 and whose identity has been notified to the SRA in the prescribed form; and pay the fees and expenses for each trainee's first attempt at the Professional Skills Course.

Monitoring and inspection

In order to protect and promote the standards of legal education and training, the SRA may: monitor the relevant programmes of study provided by an approved education provider and an authorised education provider, the training provided by an authorised training provider or the assessments provided by an assessment provider approved under regulation 6; visit the provider's premises, at such...

Dealings with client money

In all dealings you have with client money (overseas) you must: safeguard client money and assets entrusted to you; keep client money (overseas), separate from money which belongs to you; on receipt, pay client money (overseas) promptly into, and hold it in, an overseas client account, unless: to do so would conflict with your obligations under local law or regulation or with any obligation...

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.

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...