SRA Standards and Regulations

Obtaining and delivery of accountants' reports

If you have, at any time during an accounting period, held or received client money, or operated a joint account or a client's own account as signatory, you must: obtain an accountant's report for that accounting period within six months of the end of the period; and deliver it to the SRA within six months of the end of the accounting period if the accountant's report is qualified to show a...

Duty to correct breaches upon 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 Any money improperly withheld or withdrawn from a client account must be immediately paid into the account or replaced as appropriate.

Shortfall in statutory trust account

In cases where a shortfall is revealed between statutory trust monies held, and the beneficial entitlements shown in a reconciled list or best list, the SRA may rectify the position, in whole or in part, by the use of other monies taken into its possession in consequence of the intervention to which that list relates. Where, having applied additional funds under rule 6.1, a shortfall still...

Verification of claims

The SRA may verify the individual potential beneficial entitlements claimed under rule 4 by examining all available evidence.

SRA Minimum Terms and Conditions of Professional Indemnity Insurance

1. Scope of cover Civil liability Subject to the limits in clause 2, the insurance must indemnify each insured against civil liability to the extent that it arises from private legal practice in connection with the insured firm's practice, (including its prior practice and (unless run-off cover is provided in accordance with clause 5.3) any successor practice) provided that a claim in respect...

Compliance and business systems

You have effective governance structures, arrangements, systems and controls in place that ensure: you comply with all the SRA's regulatory arrangements, as well as with other regulatory and legislative requirements, which apply to you; your managers and employees comply with the SRA's regulatory arrangements which apply to them; your managers and interest holders and those you employ or...

Cooperation and accountability

You keep up to date with and follow the law and regulation governing the way you work. You cooperate with the SRA, other regulators, ombudsmen and those bodies with a role overseeing and supervising the delivery of, or investigating concerns in relation to, legal services. You respond promptly to the SRA and: provide full and accurate explanations, information and documentation in response to...

Confidentiality and disclosure

You keep the affairs of current and former clients confidential unless disclosure is required or permitted by law or the client consents. Where you are acting for a client on a matter, you make the client aware of all information material to the matter of which you have knowledge, except when: the disclosure of the information is prohibited by legal restrictions imposed in the interests of...

Client identification

You identify who you are acting for in relation to any matter.

Client information and publicity

You give clients information in a way they can understand. You ensure they are in a position to make informed decisions about the services they need, how their matter will be handled and the options available to them. You ensure that clients receive the best possible information about how their matter will be priced and, both at the time of engagement and when appropriate as their matter...