SRA Standards and Regulations
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Found in
SRA Accounts Rules
Operation of a client's own account
If, in the course of practice, you operate a client's own account as signatory, Part 2 of these rules does not apply save for: rule 8.2 - statements from banks, building societies and other financial institutions; rule 8.3 - reconciliations; rule 8.4 - bills and notifications of costs.
Found in
SRA Accounts Rules
Third party managed accounts
You may enter into arrangements with a client to use a third party managed account for the purpose of receiving payments from or on behalf of, or making payments to or on behalf of, the client in respect of regulated services delivered by you to the client, only if: use of the account does not result in you receiving or holding the client's money; and you take reasonable steps to ensure,...
Found in
SRA Statutory Trust Rules
Residual balances
The SRA may use any funds which remain in a statutory trust account following the distribution to beneficiaries under rule 7 to reimburse any costs, charges, or other expenses, which it has incurred in establishing the beneficial entitlements to the statutory trust monies and in distributing the monies accordingly. If funds remain in a statutory trust account after payment to beneficiaries and...
Found in
SRA Compensation Fund Rules 2021
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...
Found in
SRA Indemnity Fund Rules
Application of the Rules
These Rules shall apply to a practice carried on by: a sole solicitor; an REL practising as a sole practitioner; a recognised body; a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies; a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs; a licensed body in respect of its regulated activities.
Found in
SRA Indemnity Fund Rules
Waivers
Deleted
Found in
SRA Indemnity Fund Rules
Establishment and maintenance of fund
The SRA shall maintain the Indemnity Fund in accordance with these Rules. The purpose of the Indemnity Fund is to provide indemnity against loss as mentioned in section 37 of the SA as extended by section 9 of the AJA, Schedule 4 paragraph 1(3) of the European Communities (Lawyer's Practice) Regulations 2000 and section 89 of the Courts and Legal Services Act 1990 in the circumstances, to the...
Found in
SRA Indemnity Fund Rules
Scope of indemnity
The following persons, namely: solicitors, former solicitors, RELs, persons formerly practising RELs, RFLs practising in partnership with solicitors or RELs, persons formerly practising as RFLs in partnership with solicitors or RELs, non - registered European lawyers practising in partnership with RELs, and persons formerly practising as non - registered European lawyers in partnership with...
Found in
SRA Indemnity Fund Rules
Decisions by the Society
Deleted
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