Grants which may be made from the Fund

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Glossary terms (11)

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You are reading current version in effect from 5 July 2021

Glossary terms

person

includes a body of persons (corporate or unincorporated)

Fund

means the fund established and maintained under rule 1.1 of the SRA Compensation Fund Rules.

defaulting practitioner

has the meaning given in rule 5 of the SRA Compensation Fund Rules.

trustee

includes a personal representative, and "trust" includes the duties of a personal representative

applicant

means for the purposes of the SRA Compensation Fund Rules a person applying for a grant out of the Compensation Fund.

SRA

means the Solicitors Regulation Authority

manager

means:

  1. the sole principal in a recognised sole practice;
  2. a member of a LLP;
  3. a director of a company;
  4. a partner in a partnership; or
  5. in relation to any other body, a member of its governing body
owner

means, in relation to a body, a person with any interest in the body, save that:

  1. in the SRA Authorisation of Firms Rules, and the SRA Authorisation of Individuals Regulations, owner means any person who holds a material interest in an authorised body, and in the case of a partnership, any partner regardless of whether they hold a material interest in the partnership; and
  2. for the purposes of the SRA Principles and the SRA Code of Conduct for Firms means a person who holds a material interest in the body; and
  3. for the purposes of the SRA Assessment of Character and Suitability Rules includes owners who have no active role in the running of the business as well as owners who do,

and "own" and "owned" shall be construed accordingly

policy

means:

  1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 the meaning given in the FCA Handbook; and
  2. for the purposes of the SRA Indemnity Insurance Rules and the MTC a contract of professional indemnity insurance made between one or more persons, each of which is a participating insurer, and an authorised body
qualifying insurance

means a policy that provides professional indemnity insurance cover in accordance with the MTC but only to the extent required by the MTC

SIF

means the Solicitors Indemnity Fund