SRA Standards and Regulations
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Found in
SRA Financial Services (Conduct of Business) Rules
Remuneration disclosure
In good time before the conclusion of the initial contract of insurance and if necessary, on its amendment or renewal, you must provide the client with information: on the nature of the remuneration received in relation to the contract of insurance; about whether in relation to the contract you work on the basis of: a fee, that is remuneration paid directly by the client; a commission of any...
Found in
SRA Financial Services (Conduct of Business) Rules
Status disclosure
Notwithstanding the wider information obligations in the SRA Codes of Conduct, you must give the client the following information in writing in a manner that is clear, fair and not misleading before providing a service which includes the carrying on of a regulated financial services activity and in good time before the conclusion of a contract of insurance: a statement that you are not...
Found in
SRA Financial Services (Conduct of Business) Rules
Appropriation of payments
Where you are entitled to payments from the same client in respect of two or more regulated credit agreements, you must allow the client to put any payments made, in respect of those agreements, towards the satisfaction of the sum due under any one or more of the agreements in such proportions as the client thinks fit.
Found in
SRA Financial Services (Conduct of Business) Rules
Status disclosure
Notwithstanding the wider information obligations in the SRA Codes of Conduct, you must give the client the following information in writing in a manner that is clear, fair and not misleading before providing a service which includes the carrying on of a regulated financial services activity and in good time before the conclusion of a contract of insurance: a statement that you are not...
Found in
SRA Financial Services (Conduct of Business) Rules
Execution of transactions
You must ensure that where you have agreed or decided in your discretion to effect a transaction, you must do so as soon as possible, unless you reasonably believe that it is in the client's best interests not to.
Found in
SRA Financial Services (Conduct of Business) Rules
Records of transactions
Where you receive instructions from a client to effect a transaction, or make a decision to effect a transaction in your discretion, you must keep a record of: the name of the client; the terms of the instructions or decision; and in the case of instructions, the date on which they were received. Where you give instructions to another person to effect a transaction, you must keep a record of:...
Found in
SRA Financial Services (Conduct of Business) Rules
General information to be provided
In good time before the conclusion of a contract of insurance, you must disclose the following information to clients: whether you provide a personal recommendation about the insurance products offered; the procedures allowing clients and other interested parties to register complaints about you and information about the out-of-court complaint and redress procedures available for the...
Found in
SRA Financial Services (Conduct of Business) Rules
Cross-selling requirements where insurance is the ancillary product
When you offer a non-insurance ancillary product or service as part of a package or in the same agreement with an insurance product, you must: inform the client whether it is possible to buy the components separately and, if so must provide the client with an adequate description of: the different components; where applicable, any way in which the risk or insurance coverage resulting from the...
Found in
SRA Overseas and Cross-border Practice Rules
Dealings with client money
In all dealings you have with client money (overseas) you must: safeguard client money and assets entrusted to you; keep client money (overseas), separate from money which belongs to you; on receipt, pay client money (overseas) promptly into, and hold it in, an overseas client account, unless: to do so would conflict with your obligations under local law or regulation or with any obligation...
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