SRA Standards and Regulations
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Found in
SRA Statutory Trust Rules
Holding statutory trust monies
The SRA shall place all statutory trust monies in an identifiable statutory trust account. All interest earned on the funds held in any statutory trust account shall be paid into that account.
Found in
SRA Compensation Fund Rules 2021
Grants to defaulting practitioners
The SRA may make a grant to a defaulting practitioner who or which has suffered or is likely to suffer loss by reason of their liability to any client in direct consequence of an act or omission of: in the case of a defaulting solicitor, defaulting REL, defaulting RFL or defaulting RSL any of their employees or any fellow manager; in the case of a defaulting recognised body, any of its...
Found in
SRA Compensation Fund Rules 2021
Foreign lawyers
The SRA shall not make a grant in respect of any act or omission of an REL, or the employee of an REL, where such act or omission took place outside the UK, unless the SRA is satisfied that the act or omission was, or was closely connected with, the act or omission of a solicitor or the employee of a solicitor, or that the act or omission was closely connected with the REL's practice in the...
Found in
SRA Compensation Fund Rules 2021
Refusal of an application
If the SRA refuses to make a grant of either the whole or part of the amount applied for, the applicant will be informed in writing of the reasons for the decision. The fact that an application has been rejected does not prevent a further application being submitted provided that material new relevant evidence or information is produced in support of the new application.
Found in
SRA Indemnity Insurance Rules
Adequate and appropriate insurance
Notwithstanding rule 2.1 above, an authorised body must take out and maintain professional indemnity insurance that provides adequate and appropriate cover in respect of current or past practice taking into account any alternative arrangements the body or its clients may make. An authorised body must ensure that its clients have the benefit of the indemnity insurance required under these rules...
Found in
SRA Indemnity Insurance Rules
Insolvency of participating insurer
If an authorised body is carrying on a practice which is being provided with qualifying insurance by a participating insurer (whether alone or together with another participating insurer) and that participating insurer is the subject of an insolvency event then the authorised body and any principal of the body must ensure that the authorised body has in place qualifying insurance with another...
Found in
SRA Indemnity Insurance Rules
Monitoring
The SRA may require from an authorised body or any principal in an authorised body, information and evidence it may reasonably require to satisfy itself that the body has complied with these rules.
Found in
SRA Indemnity Insurance Rules
RELs
The provisions contained in annex 2 to these rules apply to an authorised body that has at least one principal who is an REL.
Found in
SRA Indemnity Insurance Rules
Details of participating insurer
This rule is in addition to any obligations imposed on the authorised body under the Provision of Services Regulations 2009. If a claimant asserts a claim against an authorised body or any person insured under that authorised body's policy, and the claim relates to any matter within the scope of cover of the MTC, the authorised body, and any person who is at the relevant time a principal in...
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