SRA Standards and Regulations

Withdrawals from client account

You only withdraw client money from a client account: for the purpose for which it is being held; following receipt of instructions from the client, or the third party for whom the money is held; or on the SRA's prior written authorisation or in prescribed circumstances. You appropriately authorise and supervise all withdrawals made from a client account. You only withdraw client money from a...

Operation of joint accounts

If, when acting in a client's matter, you hold or receive money jointly with the client or a third party, Part 2 of these rules does not apply save for: rule 8.2 - statements from banks, building societies and other financial institutions; rule 8.4 - bills and notifications of costs.

Capping payments of multiple applications

Where multiple applications are made to the Fund: that relate to the same or connected underlying circumstances; and the SRA is satisfied that the total amount of the grants made from the Fund in respect of such applications is likely to exceed £5 million, the SRA may impose a limit on the total amount to be paid in respect of those applications of £5 million. Where the SRA imposes a limit...

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,...

Maintenance of and contributions to the Fund

The SRA shall establish and maintain a fund for making grants in respect of applications made in accordance with these rules. Solicitors, RELs, RFLs, RSLs recognised bodies and licensed bodies must make contributions to the Fund in such amounts and at such times as may be prescribed. Any unpaid contributions may be recovered as a debt due to the SRA. The SRA may at any time: borrow for the...

Grants in respect of statutory trusts

The SRA may make a grant to alleviate a deficiency in a statutory trust held by the SRA. The SRA may make a grant to a person where the money would have been due to that person but for their claim having been extinguished under rule 9.2 of the SRA Intervention Powers (Statutory Trust) Rules 2011 or rule 8.2 of the SRA Statutory Trust Rules.

Application

These rules apply to authorised bodies and their principals.

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...

Communication and disclosure

You must ensure that, in relation to insurance distribution: you communicate all information, including marketing communications, in a way that is clear, fair and not misleading. your marketing communications are always clearly identifiable as such.

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...