SRA Standards and Regulations
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SRA Statutory Trust Rules
Identifying beneficial entitlements
The SRA will create a reconciled list or a best list in respect of statutory trust monies held, using the information which it has available. In creating a reconciled list or a best list, any sums of money which are identified within a statutory trust account as being payments on account of fees or unpaid disbursements, or which are equivalent to the costs incurred in a matter to which the...
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SRA Indemnity Fund Rules
Indemnity Periods before 1 September 1987
The policies taken out and maintained and the certificates issued by the Society pursuant to the Solicitors' Indemnity Rules 1975 to 1986 shall continue to provide cover subject to and in accordance with their terms in respect of their respective periods up to and including 31 August 1987. They shall not provide cover in respect of any subsequent period.
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SRA Indemnity Fund Rules
Manner of indemnity
Such indemnity shall be provided, according to the decision of the SRA as set out in Rule 10.2, in any one or any combination of the following ways: by payment, in or towards satisfaction of the claim and/or claimant's costs and expenses, to or to the order of the claimant making the claim; by payment, in respect of the claim and/or claimant's costs and expenses and/or costs and expenses...
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SRA Indemnity Fund Rules
Source of indemnity
Any such indemnity shall be provided and any claim thereto shall lie and be made exclusively out of and against the Indemnity Fund. The SRA shall have no obligation to provide indemnity save to the extent that the same can be provided out of the Indemnity Fund. In no circumstances shall any claim to indemnity lie or be made against the SRA or the Society or the Council or the Legal Services...
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SRA Indemnity Fund Rules
Indemnity limit
Save in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply, the indemnity limit shall be £1,000,000 each and every claim (including claimants' costs).
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SRA Indemnity Fund Rules
Decisions by the Society
The Society shall have power to treat any person as complying with any provision of these Rules for the purposes of the SA notwithstanding that the person has failed to comply with any provision of these Rules where such non-compliance is regarded by the Society in a particular case or cases as being insignificant.
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SRA Principles
SRA Principles
You act: in a way that upholds the constitutional principle of the rule of law, and the proper administration of justice. in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons. with independence. with honesty. with integrity. in a way that encourages equality, diversity and inclusion. in the best interests of each...
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SRA Compensation Fund Rules 2021
Losses outside the remit of the Fund
For the avoidance of doubt, the SRA shall not make a grant in respect of losses that: arise solely by reason of professional negligence by a defaulting practitioner, or the employee or manager of a defaulting practitioner, save as provided for in rule 3.4; are indirect or consequential, save where the SRA exercises its discretion to make a grant: under rule 8; for costs of completing or...
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SRA Compensation Fund Rules 2021
Defaulting practitioners
A defaulting practitioner means: a solicitor, an REL or an RSL who at the date of the relevant act or omission was: practising in an authorised body; or practising in a non-commercial body; a solicitor or an REL who at the date of the relevant act or omission: was self-employed and practising in their own name, and not through a trading name or service company; did not employ anyone in...
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