SRA Standards and Regulations

Showing 217 results

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...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 12

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...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 13

Use of intermediaries

You must not use, or propose to use, the services of another person consisting of: insurance distribution; reinsurance distribution; insurance distribution activity; or home finance mediation activity, unless the person in relation to the activity is: registered in an EEA State for the purposes of the IDD; or in relation to insurance distribution activity, is not carrying this activity on in...
Found in

SRA Financial Services (Conduct of Business) Rules

Rule 14

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.
Found in

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 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

The prescribed circumstances in which you can withdraw client money from client account to pay to a charity of your choice

Rule

Additional guidance

You may choose to pay the money to a charity that does not offer you an indemnity but if it does not, you will be liable to pay the money to the client if they contact you later to claim it. Some ways in which you may be able to trace your client include: making use of social media making a search of Companies House and/or the Probate Registry making use of the Department of Work and Pensions'...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name

5

Duty to correct breaches after discovery

You correct any breaches of these rules promptly upon discovery. Any money improperly withheld or withdrawn from a client account must be immediately paid into the account or replaced as appropriate.
Found in

SRA Compensation Fund Rules

Rule 10

Conduct of the applicant and contribution to loss

A grant may be refused or reduced to take account of any act or omission by the applicant or anyone acting on their behalf that has contributed to or has failed to mitigate the loss.
Found in

SRA Compensation Fund Rules

Rule 13

Fund of last resort

The SRA may refuse or reduce a grant where the loss or part of the loss is, or was, capable of being made good by some other means.