SRA Standards and Regulations

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...

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...

Complaints information

An authorised body, or an individual practising in the circumstances set out in regulation 10.2(b)(i) to (vii) of the SRA Authorisation of Individuals Regulations, must publish on its website details of its complaints handling procedure including, details about how and when a complaint can be made to the Legal Ombudsman and to the SRA.

Publication

An authorised body, or an individual practising in the circumstances set out in regulation 10.2(b)(i) to (vii) of the SRA Authorisation of Individuals Regulations, that does not have a website, must make the information set out in rules 1 to 2 available on request.

Eligibility for a grant

A person is eligible to apply for a grant out of the Fund if, at the time the application is made, they are: an individual; a sole trader; partnership, body corporate, unincorporated association or mutual association with an annual turnover or assets of less than £2 million; a charity with annual income net of tax in the most recent financial year of less than £2 million; or a trustee of a...

Maintenance of and contributions to the Fund

The SRA shall establish and maintain a fund for making grants in respect of applications made in accordance with these rules. Solicitors, RELs, RFLs, RSLs recognised bodies and licensed bodies must make contributions to the Fund in such amounts and at such times as may be prescribed. Any unpaid contributions may be recovered as a debt due to the SRA. The SRA may at any time: borrow for the...

Recovery and subrogation

Where the SRA makes a grant otherwise than by way of loan or if by way of loan repayments of the loan is waived or otherwise the borrower has failed to repay part or all of the loan, the SRA shall be subrogated to the rights and remedies of the person to whom or on whose behalf the grant is made to the extent of the amount of the grant. Where rule 17.1 applies, the recipient must if required...

Capping payments of multiple applications

Where multiple applications are made to the Fund: that relate to the same or connected underlying circumstances; and the SRA is satisfied that the total amount of the grants made from the Fund in respect of such applications is likely to exceed £5 million, the SRA may impose a limit on the total amount to be paid in respect of those applications of £5 million. Where the SRA imposes a limit...

Application and time limit

An applicant must make an application for a grant in the prescribed form, and within 12 months of the date they first became aware, or should reasonably have become aware, of the loss. The SRA may extend the 12 month period in rule 15.1 if satisfied that there are circumstances which justify the extension of the time limit. The applicant must provide information, documents and evidence...

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...