SRA Standards and Regulations

Execution-only business

If you arrange for a client on an execution-only basis any transaction involving a retail investment product, you must send the client written confirmation to the effect that: the client had not sought and was not given any advice from you in connection with the transaction; or the client was given advice from you in connection with that transaction but nevertheless persisted in wishing the...

Demands and needs

Prior to the conclusion of a contract of insurance, you must specify on the basis of information obtained from the client, the demands and needs of that client. The details must be adapted according to the complexity of the contract of insurance proposed and the individual circumstances of the client. You must give the client a statement of the client's demands and needs prior to the...

Application

These rules apply to authorised bodies that are not regulated by the FCA, their managers and employees and references to "you" in these rules should be read accordingly. Where an authorised body is a licensed body, these rules apply only in relation to the activities regulated by the SRA in accordance with the terms of the body's licence.

Prohibited activities

You must not carry on, or agree to carry on, any of the following activities: an activity that is specified in an order made under section 327(6) of FSMA; an activity that relates to an investment that is specified in an order made under section 327(6) of FSMA; entering into a regulated credit agreement as lender except where the regulated credit agreement relates exclusively to the payment of...

Overseas Principles

You act: in a way that upholds the constitutional principle of the rule of law and the proper administration of justice in England and Wales. in a way that upholds public trust and confidence in the solicitors' profession of England and Wales and in legal services provided by authorised persons. with independence. with honesty. with integrity. in a way that encourages equality, diversity and...

Cross-border Practice Rules

This Part applies to European cross-border practice from any office by: solicitors; managers of authorised bodies who are not authorised by an approved regulator (other than the SRA) under the LSA; and authorised bodies. These rules apply to European cross-border practice from an office in England and Wales by: RELs; RFLs who are managers or employees of an authorised body; and RSLs who are...

Treating complaints fairly

Notwithstanding your complaints handling obligations in the SRA Code of Conduct for Firms, you must have in place and operate appropriate and effective procedures for registering and responding to complaints from a person who is not a client.

Application

Apart from rule 2 (Status Disclosure), these rules apply to: authorised bodies which are not regulated by the FCA; authorised bodies which are regulated by the FCA, but only in respect of their non-mainstream regulated activities; and the managers and employees of authorised bodies in (a) and (b) above, and references to "you" in these rules should be read accordingly. Where an authorised body...

Regulated credit agreements

Where you carry on a credit-related regulated financial services activity involving a proposed regulated credit agreement, you must: provide adequate explanations to the client in order to enable the client to assess whether the proposed regulated credit agreement is suitable to the client's needs and financial situation; and when providing such explanations, comply with the requirements of...

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.