SRA Handbook

Grants which may be made from the Fund

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Version 1 of the Handbook was published on 16/09/2011. For more information, please click 'History' Above

Rule 3: Grants which may be made from the Fund

3.1

The object of the Fund is to replace money which a defaulting practitioner or a defaulting practitioner's employee or manager has misappropriated or otherwise failed to account for. The applicant need not necessarily be or have been the defaulting practitioner's client.

3.2

A grant out of the Fund is made wholly at the discretion of the SRA. No person has a right to a grant enforceable at law.

3.3

For any grant to be made out of the Fund, an applicant must satisfy the SRA that:

(a)

he has suffered or is likely to suffer loss in consequence of the dishonesty of a defaulting practitioner or the employee or manager or owner of a defaulting practitioner; or

(b)

he has suffered or is likely to suffer loss and hardship in consequence of a failure to account for money which has come into the hands of a defaulting practitioner or the employee or manager or owner of a defaulting practitioner, which may include the failure by a defaulting practitioner to complete work for which he was paid;

in the course of an activity of a kind which is part of the usual business of a defaulting practitioner and, in the case of a defaulting licensed body, the act or default arose in the course of performance of a regulated activity.

3.4

For the purposes of rule 3.3(b):

(a)

an individual whose dealings with the defaulting practitioner have been in a personal capacity and who has suffered or is likely to suffer loss due to a failure to account shall be deemed to have suffered hardship; and

(b)

a body corporate, or an individual whose dealings with the defaulting practitioner have been in a business capacity and who has suffered or is likely to suffer loss due to a failure to account must provide evidence to satisfy the SRA that it, he or she (the body or individual) has suffered or is likely to suffer hardship.

3.5

A grant may, at the sole discretion of the SRA, be made as an interim measure.