SRA Standards and Regulations

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.

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.

Remuneration and the client's best interests

You must not: be remunerated; or remunerate or assess the performance of the firm's employees, in a way that conflicts with their duty to act in each client's best interest. In particular, you must not make any arrangement by way of remuneration, sales target or otherwise that could provide an incentive to the firm or its employees to recommend a particular contract of insurance to a client...

Consumer credit guidance

Where you undertake credit-related regulated financial services activities, you must have regard to any guidance issued by the SRA from time to time relating to such activities.

Dealings with client money

In all dealings you have with client money (overseas) you must: safeguard client money and assets entrusted to you; keep client money (overseas), separate from money which belongs to you; on receipt, pay client money (overseas) promptly into, and hold it in, an overseas client account, unless: to do so would conflict with your obligations under local law or regulation or with any obligation...

Interest

In respect of any grants made under rules 3, 6 or 7 the SRA may make a supplementary grant by way of a sum in lieu of lost interest on the loss underlying the principal grant. Such interest will be calculated by the SRA in accordance with prescribed rates. Where the application for the principal grant is in respect of a failure to redeem a mortgage, the SRA may also make a grant in respect of...

Conduct of the applicant and contribution to loss

A grant may be refused or reduced to take account of: dishonest, improper or unreasonable conduct by the applicant or anyone acting on their behalf: in the circumstances that gave rise to the application; in relation to the application itself; or failure to pursue the application promptly, co-operatively and in good faith. A grant may be refused or reduced to take account of any act or...

Refusal of an application

If the SRA refuses to make a grant of either the whole or part of the amount applied for, the applicant will be informed in writing of the reasons for the decision. The fact that an application has been rejected does not prevent a further application being submitted provided that material new relevant evidence or information is produced in support of the new application.

Insolvency of participating insurer

If an authorised body is carrying on a practice which is being provided with qualifying insurance by a participating insurer (whether alone or together with another participating insurer) and that participating insurer is the subject of an insolvency event then the authorised body and any principal of the body must ensure that the authorised body has in place qualifying insurance with another...

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...