SRA Standards and Regulations

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.

Transitionals and savings

For the purposes of the SA (including without limitation section 10 of that Act), any person who is in breach of any rule or part of any rule under the Solicitors' Indemnity Insurance Rules 2000 to 2010 or SRA Indemnity Insurance Rules 2011 to 2013 will be deemed, for so long as that person remains in breach, not to be complying with these rules.

Conditions

The previous practice and each member thereof shall procure that notice to the SRA shall be given in writing as soon as practicable of: any claim(s) the subject of Rule 8 made or intimated during the relevant indemnity period against it, him or her of any claim for or likely to be for more than £500; or the receipt by it, him or her of notice of any intention to make any such claim(s). The...

Definitions and interpretation

The SRA Glossary shall apply and unless the context otherwise requires: all italicised terms shall be defined in accordance with the Glossary; terms shall be interpreted in accordance with the Glossary; a reference to a Rule is to a Rule forming part of these Rules, except in relation to Schedule 1 where a reference to a rule is to a rule in the Solicitors' Indemnity Rules 1999; the Schedule...

Application of the Rules

These Rules shall apply to a practice carried on by: a sole solicitor; an REL practising as a sole practitioner; a recognised body; a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies; a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs; a licensed body in respect of its regulated activities.

Annex 1: Transitional arrangements under paragraph 7(3) of Schedule 5 to the LSA

A licensable body will be eligible to be a recognised body if as at 6 October 2011, it has been recognised by the SRA under section 9 of the AJA but has an interest holder or manager that is not a lawyer or a legally qualified body. It shall continue to be treated as a recognised body for the purposes of these rules and the SRA's regulatory arrangements until: such time as it ceases to comply...

Duration of authorisation

A body's authorisation takes effect from the date the certificate of authorisation is issued to it by the SRA. A body's authorisation shall cease to have effect: subject to Part 5, if the body ceases to exist; or if the body is a licensed body and is issued with a licence by another approved regulator. The SRA may revoke or suspend a body's authorisation, if: it is satisfied that the...

Costs

An authorised decision maker may require a person who is the subject of a decision under rule 3.1(a) to (f) to pay a charge in accordance with Schedule 1 to these rules. The authorised decision maker may decide to charge less than the amount that would be payable in accordance with Schedule 1 if they consider that it would be just in all the circumstances to do so. Any charge must be paid by...

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.