SRA Standards and Regulations

Client identification

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

Annex 1: Transitional arrangements under paragraph 7(3) of Schedule 5 to the LSA

A licensable body will be eligible to be a recognised body if as at 6 October 2011, it has been recognised by the SRA under section 9 of the AJA but has an interest holder or manager that is not a lawyer or a legally qualified body. It shall continue to be treated as a recognised body for the purposes of these rules and the SRA's regulatory arrangements until: such time as it ceases to comply...

Individual Authorisation

As set out in the SRA Authorisation of Individuals Regulations: A decision made under regulation 3E.2(a) to refuse to recognise all or part of a period of recognised training. A decision made under regulation 4.1 to refuse an application for admission as a solicitor made under Part V of the European Communities (Lawyer's Practice) Regulations 2000. A decision made under regulation 5.1 to...

Conditions

The SRA may at any time, whether on grant of an application for authorisation or otherwise, impose such conditions on a body's authorisation (whether indefinite or for a specified period), where it considers it appropriate in the public interest to do so and in accordance with rules 3.2 and 3.3. The SRA may impose conditions under rule 3.1 if it is satisfied that the authorised body, or a...

Payment of periodical fees

Every authorised body must pay to the SRA a periodical fee in the amount, and by the date prescribed.

Storage and retention of accounting records

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

Distribution of beneficial entitlements

In a case where the accounting records of the intervened practitioner are reconciled accounts, payments to beneficiaries will be made on the basis of the reconciled list. In a case where the accounting records of the intervened practitioner are not reconciled accounts, payments to beneficiaries will be made on the basis of the best list. Any interest which has accrued on a statutory trust...

Record of commissions

Where you receive commission which is attributable to your regulated financial services activities, you must keep a record of: the amount of the commission; and how you have accounted to the client.

Communication and disclosure

You must ensure that, in relation to insurance distribution: you communicate all information, including marketing communications, in a way that is clear, fair and not misleading. your marketing communications are always clearly identifiable as such.

Remuneration disclosure

In good time before the conclusion of the initial contract of insurance and if necessary, on its amendment or renewal, you must provide the client with information: on the nature of the remuneration received in relation to the contract of insurance; about whether in relation to the contract you work on the basis of: a fee, that is remuneration paid directly by the client; a commission of any...