SRA Standards and Regulations

Minimum level of funds

The SRA may set a minimum level of funds to which a beneficiary may be entitled within a statutory trust account below which it will not attempt to identify or locate potential beneficiaries on the basis that, in the opinion of the SRA, it would be unreasonable or disproportionate to do so. The level in rule 3.1 applies to the sum identified as relating to a particular beneficiary, after the...

Claimants to money

Unless the SRA agrees otherwise, every claimant must submit to the SRA a claim in the prescribed form accompanied by any documentation and other evidence as may be required by the SRA, and which must include, if requested by the SRA, a statement of truth.

Interim payments

The SRA may make an interim payment to a beneficiary before the full distribution of funds in a statutory trust account takes place provided that the SRA is satisfied that the payment can be made without prejudicing other claims to those funds.

Holding statutory trust monies

The SRA shall place all statutory trust monies in an identifiable statutory trust account. All interest earned on the funds held in any statutory trust account shall be paid into that account.

Storage and retention of accounting records

You must store all accounting records securely and retain these for at least six years.

Distribution of beneficial entitlements

In a case where the accounting records of the intervened practitioner are reconciled accounts, payments to beneficiaries will be made on the basis of the reconciled list. In a case where the accounting records of the intervened practitioner are not reconciled accounts, payments to beneficiaries will be made on the basis of the best list. Any interest which has accrued on a statutory trust...

Exclusions from cover

The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...

Power to require contributions

Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...

Maintenance and termination of the fund

The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA 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 subsequent to any indemnity period arising out of circumstances notified during any indemnity period...

Arbitration

If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...