SRA Standards and Regulations

Criminal conduct

The SRA will consider criminal conduct when assessing your character and suitability, in accordance with Table 1 below, subject to the Rehabilitation of Offenders Act 1974 and the Rehabilitation of Offenders Act 1974 (Exceptions Order) 1975 and bearing in mind the public interest in supporting the rehabilitation of offenders. For the avoidance of doubt, Table 1 is a non-exhaustive list. Table...

Firm authorisation

As set out in the SRA Authorisation of Firms Rules: A decision made under rule 2.2 to refuse authorisation. A decision made under rule 3.1 to impose conditions on authorisation. A decision to refuse approval for the taking of steps specified in conditions under rule 3.3(c). A decision under rule 4.3 or 4.4 to revoke or suspend a body's authorisation. A decision made under rule 12.1 to extend,...

Basic conditions

If you carry on any regulated financial services activities you must ensure that: you satisfy the conditions in section 327(2) to (5) of FSMA; the activities arise out of, or are complementary to, the provision of a particular professional service to a particular client; there is not in force any order or direction of the FCA under sections 328 or 329 of FSMA which prevents you from carrying...

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.

Insurance distribution activities

You may only carry on insurance distribution activities as an ancillary insurance intermediary. You must not carry on any insurance distribution activities unless you: are registered in the Financial Services Register; and have appointed an insurance distribution officer who will be responsible for your insurance distribution activities. If you are carrying on, or proposing to carry on,...

Credit-related regulated financial services activities

You must not enter into any transaction with a client in which you: provide the client with credit card cheques, a credit or store card, credit tokens, running account credit, a current account or high-cost short-term credit; hold a continuous payment authority over the client's account; or take any article from the client in pledge or pawn as security for the transaction. You must not: enter...

Safekeeping of clients' investments

Where you undertake the regulated financial services activity of safeguarding and administering investments, you must operate appropriate systems, including the keeping of appropriate records, which provide for the safekeeping of assets entrusted to you by clients and others. Where such assets are passed to a third party: you should obtain an acknowledgement of receipt of the property; and if...

Scope of service

Where you propose, or give a client a personal recommendation for, a contract of insurance, then in good time before the conclusion of an initial contract of insurance and if necessary on its amendment or renewal, you must provide the client with information on whether you: give a personal recommendation on the basis of a fair and personal analysis; are under a contractual obligation to...

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...

Professional and organisational requirements

You must ensure that: the firm and each relevant employee possesses appropriate knowledge and ability in order to complete their tasks and perform duties adequately; and that all the persons in its management structure and any staff directly involved in insurance distribution activities are of good repute. In considering a person's good repute, you must as a minimum ensure that the person: has...