SRA Standards and Regulations

Storage and retention of accounting records

You must store all accounting records securely and retain these for at least six years.

Required information

An authorised body, or an individual as permitted under regulation 9.8(b)(ii) of the SRA Authorisation of Individuals Regulations, providing relevant financial services claims management activities or activities that would be regulated financial services claims management activities but for the exclusion in article 89N of the Regulated Activities Order, whether under a relevant financial...

Eligibility and identification requirements

In order to enter an assessment, candidates will be required to comply with the SQE ID and Security Requirements which are available on the SQE website.

SQE1

SQE1 will test the application of the FLK in accordance with the Assessment Specification for SQE1. In order to pass SQE1, candidates must obtain the overall pass mark for each of FLK1 and FLK2. The pass mark for each of FLK1 and FLK2 will be set in accordance with the SQE Marking and Standard Setting Policy.

Mitigating circumstances

Mitigating circumstances are defined as: a mistake or irregularity in the administration or conduct of the assessment; or evidence of bias in the conduct of the assessment; or subject to the Fit to Sit Policy and these Assessment Regulations a candidate's illness or other personal circumstances beyond their reasonable control which have, or are likely to, materially and adversely affect a...

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...

Responsibility

Each authorised body, and any principal of such a body, must ensure that the authorised body complies with these rules. Each authorised body that has been unable to obtain a policy of qualifying insurance prior to the expiration of the extended policy period, and any principal of such a body, must ensure that the authorised body, and each principal or employee of the body, undertakes no...

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...

Transitionals and savings

For the purposes of the SA (including without limitation section 10 of that Act), any person who is in breach of any rule or part of any rule under the Solicitors' Indemnity Insurance Rules 2000 to 2010 or SRA Indemnity Insurance Rules 2011 to 2013 will be deemed, for so long as that person remains in breach, not to be complying with these rules.

Records of transactions

Where you receive instructions from a client to effect a transaction, or make a decision to effect a transaction in your discretion, you must keep a record of: the name of the client; the terms of the instructions or decision; and in the case of instructions, the date on which they were received. Where you give instructions to another person to effect a transaction, you must keep a record of:...