SRA Standards and Regulations
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SRA Accounts Rules
Payment of interest
You account to clients or third parties for a fair sum of interest on any client money held by you on their behalf. You may by a written agreement come to a different arrangement with the client or the third party for whom the money is held as to the payment of interest, but you must provide sufficient information to enable them to give informed consent.
Found in
SRA Accounts Rules
Client accounting systems and controls
You keep and maintain accurate, contemporaneous, and chronological records to: record in client ledgers identified by the client's name and an appropriate description of the matter to which they relate: all receipts and payments which are client money on the client side of the client ledger account; all receipts and payments which are not client money and bills of costs including transactions...
Found in
SRA Accounts Rules
Application section
These rules apply to authorised bodies, their managers and employees and references to "you" in these rules should be read accordingly. The authorised body's managers are jointly and severally responsible for compliance by the authorised body, its managers and employees with these rules. In relation to a licensed body, the rules apply only in respect of activities regulated by the SRA in...
Found in
SRA Statutory Trust Rules
Minimum level of funds
The SRA may set a minimum level of funds to which a beneficiary may be entitled within a statutory trust account below which it will not attempt to identify or locate potential beneficiaries on the basis that, in the opinion of the SRA, it would be unreasonable or disproportionate to do so. The level in rule 3.1 applies to the sum identified as relating to a particular beneficiary, after the...
Found in
SRA Statutory Trust Rules
Claimants to money
Unless the SRA agrees otherwise, every claimant must submit to the SRA a claim in the prescribed form accompanied by any documentation and other evidence as may be required by the SRA, and which must include, if requested by the SRA, a statement of truth.
Found in
SRA Indemnity Fund Rules
Maintenance and termination of the fund
The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or subsequent to any indemnity period arising out of circumstances notified during any indemnity period...
Found in
SRA Indemnity Fund Rules
Arbitration
If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...
Found in
SRA Education, Training and Assessment Provider Regulations
Authorised training providers
Only an authorised training provider may provide a period of recognised training to trainees. An organisation may apply for authorisation as an authorised training provider and its application must demonstrate that it will meet the requirements of regulations 3 to 5 below. The SRA may, in relation to an application for approval or authorisation: grant the application, subject to such...
Found in
SRA Education, Training and Assessment Provider Regulations
Training principals
The training principal for an authorised training provider must: be a solicitor holding a current practising certificate or be a practising barrister; notify the SRA in the prescribed form before any individual commences a period of recognised training or if this is not possible then as soon as practicable thereafter; ensure that the training provided meets the requirements of regulation 4;...
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