SRA Standards and Regulations

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Found in

SRA Financial Services (Conduct of Business) Rules

Rule 3

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.
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 8

Retention of records

Each record which is made under these rules shall be kept for at least six years from the date it is made.
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 16

Remuneration disclosure

In good time before the conclusion of the initial contract of insurance and if necessary, on its amendment or renewal, you must provide the client with information: on the nature of the remuneration received in relation to the contract of insurance; about whether in relation to the contract you work on the basis of: a fee, that is remuneration paid directly by the client; a commission of any...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 23

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...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 7

Execution-only business

If you arrange for a client on an execution-only basis any transaction involving a retail investment product, you must send the client written confirmation to the effect that: the client had not sought and was not given any advice from you in connection with the transaction; or the client was given advice from you in connection with that transaction but nevertheless persisted in wishing the...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 20

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...
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SRA Financial Services (Conduct of Business) Rules

Rule 21

Insurance product information document and appropriate information

You must ensure that the client is given objective and relevant information about a policy in good time prior to the conclusion of the policy, so that the client can make an informed decision. You must provide the information in rule 21.1 to the client: whether or not you give a personal recommendation; and irrespective of the fact that the policy is offered as part of a package with: a...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 24

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...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 2

Status disclosure

Notwithstanding the wider information obligations in the SRA Codes of Conduct, you must give the client the following information in writing in a manner that is clear, fair and not misleading before providing a service which includes the carrying on of a regulated financial services activity and in good time before the conclusion of a contract of insurance: a statement that you are not...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 6

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...