SRA Standards and Regulations

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...

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.

Complaints information

An authorised body, or an individual practising in the circumstances set out in regulation 10.2(b)(i) to (vii) of the SRA Authorisation of Individuals Regulations, must publish on its website details of its complaints handling procedure including, details about how and when a complaint can be made to the Legal Ombudsman and to the SRA.

Publication

An authorised body, or an individual practising in the circumstances set out in regulation 10.2(b)(i) to (vii) of the SRA Authorisation of Individuals Regulations, that does not have a website, must make the information set out in rules 1 to 2 available on request.

Residual discretion and fund of last resort

The Fund is a discretionary fund of last resort and no person has a right to a grant enforceable at law. The SRA retains a discretion to refuse to consider an application or to make a grant notwithstanding that the conditions in these rules for making a grant are satisfied. The circumstances in which the residual discretion in rule 2.1 may be exercised include, but are not limited to,...

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...

Notice to defaulting practitioner

The SRA may not make a grant unless it has given not less than 8 days' notice to the defaulting practitioner informing them of the nature and value of the application, unless it appears to the SRA that it would not be reasonably practicable to give such notice, or the grant should be made urgently. Where the SRA has made a grant urgently in accordance with rule 16.1, the SRA shall as soon as,...

Application

These rules apply to authorised bodies and their principals.

Use of information

Each authorised body must notify the SRA (or such person as the SRA may notify to the authorised body from time to time) and its participating insurer in writing as soon as reasonably practicable and in any event no later than five business days after the date on which: the authorised body enters an extended policy period; the authorised body has entered the cessation period; and where the...

SRA Minimum Terms and Conditions of Professional Indemnity Insurance

1. Scope of cover Civil liability Subject to the limits in clause 2, the insurance must indemnify each insured against civil liability to the extent that it arises from private legal practice in connection with the insured firm's practice, (including its prior practice and (unless run-off cover is provided in accordance with clause 5.3) any successor practice) provided that a claim in respect...