SRA Standards and Regulations
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SRA Financial Services (Conduct of Business) Rules
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...
Found in
SRA Financial Services (Scope) Rules
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...
Found in
SRA Roll, Registers and Publication Regulations
The roll and registers
The SRA shall keep in electronic form: the roll; a register of all solicitors who hold practising certificates; the register of European lawyers; the register of foreign lawyers; the register of Swiss lawyers; and a register of authorised bodies.
Found in
SRA Indemnity Insurance Rules
Obligation to effect insurance
An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer. In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and...
Found in
SRA Indemnity Fund (Enactment) Rules
Commencement and application
The Solicitors' Indemnity Rules 1987 as amended from time to time shall be further amended with effect from 1 October 2023 and shall continue in force thereafter in the form annexed hereto in which form they may be known as the SRA Indemnity Fund Rules. The Solicitors' Indemnity (Incorporated Practice) Rules 1991 as amended from time to time shall continue in force only in respect of the...
Found in
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).
Found in
SRA Authorisation of Firms Rules
Loss of eligibility
If the last remaining legally qualified manager of an authorised body whose role ensures the body's compliance with the eligibility requirements for its authorisation under rule 1: is sentenced to imprisonment; becomes unable to carry on their role because of incapacity; abandons the business; is made subject to a restriction, condition or other regulatory decision by the SRA or another...
Found in
SRA Overseas and Cross-border Practice Rules
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...
Found in
SRA Authorisation of Firms Rules
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...
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