SRA Standards and Regulations

Showing 217 results

Found in

SRA Indemnity Rules 2012

Rule 12

Maximum liability of the fund

The liability of the fund as stated in Rule 8.1(c) shall in no event exceed in respect of each such claim the indemnity limit for the relevant indemnity period. All claims arising from the same act or omission (whether or not made or intimated or arising out of circumstances notified during the same indemnity period and whether or not involving the same or any number of different practices or...
Found in

SRA Transparency Rules

Rule 1

Costs 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, who publishes as part of its usual business the availability of any of the services set out at rule 1.3 to individuals or at rule 1.4 to businesses, must, in relation to those services, publish on its website cost information in...
Found in

SRA Regulatory and Disciplinary Procedure Rules

Rule 1

Assessing reports

The SRA shall assess any allegation which comes to, or is brought to, its attention in respect of a relevant person to decide if it should be considered under rule 3. A matter is an allegation in respect of a person for the purpose of these rules if it raises a question that the person: is a solicitor, an REL or RFL and has committed professional misconduct; has committed or is responsible for...
Found in

SRA Regulatory and Disciplinary Procedure Rules

Rule

Schedule 1

This schedule sets out the basis for calculating the charges payable under rule 10. The SRA will record the amount of time spent by the SRA or its agents in investigating the matter, including time spent on correspondence, evidence gathering and analysis, and report writing. The standard charges are as follows: Number of hours spent investigating matter Standard Charge Under 2 hours £300 2...
Found in

SRA Financial Services (Scope) Rules

Rule 2

Basic Conditions

If you carry on any regulated financial services activities you must ensure that: you satisfy the conditions in section 327(2) to (5) of FSMA; the activities arise out of, or are complementary to, the provision of a particular professional service to a particular client; there is not in force any order or direction of the FCA under sections 328 or 329 of FSMA which prevents you from carrying...
Found in

SRA Financial Services (Scope) Rules

Rule 6

Credit-related regulated financial services activities

You must not enter into any transaction with a client in which you: provide the client with credit card cheques, a credit or store card, credit tokens, running account credit, a current account or high-cost short-term credit; hold a continuous payment authority over the client's account; or take any article from the client in pledge or pawn as security for the transaction. You must not: enter...
Found in

SRA Indemnity Insurance Rules

Rule 2

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...
Found in

SRA Indemnity Insurance Rules

Rule 3

Adequate and appropriate insurance

Notwithstanding rule 2.1 above, an authorised body must take out and maintain professional indemnity insurance that provides adequate and appropriate cover in respect of current or past practice taking into account any alternative arrangements the body or its clients may make. An authorised body must ensure that its clients have the benefit of the indemnity insurance required under these rules...
Found in

SRA Indemnity Insurance Rules

Rule 6

Monitoring

The SRA may require from an authorised body or any principal in an authorised body, information and evidence it may reasonably require to satisfy itself that the body has complied with these rules.
Found in

SRA Indemnity Insurance Rules

Rule 9

Details of participating insurer

This rule is in addition to any obligations imposed on the authorised body under the Provision of Services Regulations 2009. If a claimant asserts a claim against an authorised body or any person insured under that authorised body's policy, and the claim relates to any matter within the scope of cover of the MTC, the authorised body, and any person who is at the relevant time a principal in...