SRA Standards and Regulations

Revocation and expiry

The SRA may revoke a practising certificate, or withdraw registration in the register of European lawyers, the register of foreign lawyers and the register of Swiss lawyers at any time, if the SRA is satisfied: that the practising certificate or registration was granted or renewed as a result of error, misleading or inaccurate information, or fraud; that the replacement or renewal date has...

Financial services activities

If you are a solicitor, an REL RFL or RSL you may carry on regulated financial services activities under the SRA Financial Services (Scope) Rules, provided that such activities are undertaken through an authorised body.

Storage and retention of accounting records

You must store all accounting records securely and retain these for at least six years.

Distribution of beneficial entitlements

In a case where the accounting records of the intervened practitioner are reconciled accounts, payments to beneficiaries will be made on the basis of the reconciled list. In a case where the accounting records of the intervened practitioner are not reconciled accounts, payments to beneficiaries will be made on the basis of the best list. Any interest which has accrued on a statutory trust...

Exclusions from cover

The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...

Power to require contributions

Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...

Maintenance and termination of the fund

The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or subsequent to any indemnity period arising out of circumstances notified during any indemnity period...

Arbitration

If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...

Use of information

Deleted

Indemnity

Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...