SRA Standards and Regulations
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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...
Found in
SRA Financial Services (Conduct of Business) Rules
Treating complaints fairly
Notwithstanding your complaints handling obligations in the SRA Code of Conduct for Firms, you must have in place and operate appropriate and effective procedures for registering and responding to complaints from a person who is not a client.
Found in
SRA Financial Services (Conduct of Business) Rules
Fee disclosure: additional requirements
Where a fee is payable, you must inform the client of the amount of the fee before the client incurs liability to pay the fee, or before conclusion of the contract of insurance, whichever is earlier. To the extent that it is not possible for the amount in rule 17.1 to be given, you must give the client the basis for its calculation. This rule applies to all such fees that may be charged during...
Found in
SRA Financial Services (Conduct of Business) Rules
Exclusions for large risks
Only rules 9, 13, 14, 18, 19, 20 and 22 apply where you carry on insurance distribution activities for commercial clients in relation to contracts of insurance covering risks within the following categories: railway rolling stock, aircraft, ships (sea, lake, river and canal vessels), goods in transit, aircraft liability and liability of ships (sea, lake, river and canal vessels); credit and...
Found in
SRA Indemnity Insurance Rules
SRA Minimum Terms and Conditions of Professional Indemnity Insurance
1. Scope of cover Civil liability Subject to the limits in clause 2, the insurance must indemnify each insured against civil liability to the extent that it arises from private legal practice in connection with the insured firm's practice, (including its prior practice and (unless run-off cover is provided in accordance with clause 5.3) any successor practice) provided that a claim in respect...
Found in
SRA Regulatory and Disciplinary Procedure Rules
Assessing reports
The SRA shall assess any allegation which comes to, or is brought to, its attention in respect of a relevant person to decide if it should be considered under rule 3. A matter is an allegation in respect of a person for the purpose of these rules if it raises a question that the person: is a solicitor, an REL, RFL or RSL and has committed professional misconduct; has committed or is...
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SRA Regulatory and Disciplinary Procedure Rules
Evidential and procedural matters
The SRA may vary the procedure set out in these rules where it considers that it is in the interests of justice, or in the overriding public interest, to do so. A decision under rule 3 may be made by agreement between the relevant person and the SRA. Before reaching a decision under rule 3, an authorised decision maker or adjudication panel may give directions for the fair and effective...
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