SRA Standards and Regulations

Grants which may be made from the Fund

A person may apply for a grant out of the Fund, if the loss referred to in rule 3.3 relates to services provided: by the defaulting practitioner for them; or to, or as, a trustee where they are a beneficiary of the estate or trust. A person who is not a client of the defaulting practitioner may apply for a grant out of the Fund if they: were a party on the other side of a legal matter on which...

Maximum grant

Unless the SRA is satisfied that there are exceptional circumstances in the public interest that justify a higher sum, the maximum grant that may be made is £2 million. For the purposes of this rule, a single claim is an application, or applications, from an applicant for the loss incurred by them arising from a single event or set of connected underlying circumstances.

Apportionment and multi-party issues

Where the loss has been sustained as a result of the act or omission of more than one party, the SRA will consider the role of each party in contributing to the applicant's loss in deciding whether to make a grant and, if so, the amount of any grant. In the case of a defaulting licensed body, the SRA will consider the extent to which the loss is attributable to an act or omission which falls...

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.

Obligation to effect insurance

An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer. In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and...

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...

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.

Service and competence

You only act for clients on instructions from the client, or from someone properly authorised to provide instructions on their behalf. If you have reason to suspect that the instructions do not represent your client's wishes, you do not act unless you have satisfied yourself that they do. However, in circumstances where you have legal authority to act notwithstanding that it is not possible to...

Cooperation and accountability

You keep up to date with and follow the law and regulation governing the way you work. You are able to justify your decisions and actions in order to demonstrate compliance with your obligations under the SRA's regulatory arrangements. You cooperate with the SRA, other regulators, ombudsmen, and those bodies with a role overseeing and supervising the delivery of, or investigating concerns in...

Maintaining trust and acting fairly

You do not unfairly discriminate by allowing your personal views to affect your professional relationships and the way in which you provide your services. You do not abuse your position by taking unfair advantage of clients or others. You perform all undertakings given by you and do so within an agreed timescale or if no timescale has been agreed then within a reasonable amount of time. You do...