SRA Standards and Regulations

Application

Apart from rule 2 (Status Disclosure), these rules apply to: authorised bodies which are not regulated by the FCA; authorised bodies which are regulated by the FCA, but only in respect of their non-mainstream regulated activities; and the managers and employees of authorised bodies in (a) and (b) above, and references to "you" in these rules should be read accordingly. Where an authorised body...

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:...

Modification of terms and conditions

The SRA may at any time, extend, revoke or vary any terms or conditions on a body's authorisation, imposed in accordance with rule 3 or otherwise, either on the application of the authorised body or on the SRA's own initiative.

Police Station Representative Accreditation Scheme assessment providers

Only an organisation approved by the SRA may provide assessments for the Police Station Representative Accreditation Scheme. An organisation may apply to the SRA in such manner as may be prescribed to be approved to provide such assessments. The SRA may, in relation to an application for approval: grant the application, subject to such conditions as it considers appropriate; or refuse the...

Notices

Any notice under the SRA's regulatory arrangements must be given in writing by delivering it, or sending it by post or by electronic mail, to the recipient's last notified postal or electronic mail address, as appropriate. If the intended recipient of a notice is represented, the notice may instead be given by sending or delivering it to the representative's practising or business address, or...

Firm authorisation

As set out in the SRA Authorisation of Firms Rules: A decision made under rule 2.2 to refuse authorisation as a licensed body. A decision made under rule 3.1 to impose conditions on the authorisation of a licensed body. A decision in respect of a licensed body to refuse approval for the taking of steps specified in conditions under rule 3.3(c). A decision made under rule 4.4 to revoke or...

Application and time limit

An applicant must make an application for a grant in the prescribed form, and within 12 months of the date they first became aware, or should reasonably have become aware, of the loss. The SRA may extend the 12 month period in rule 15.1 if satisfied that there are circumstances which justify the extension of the time limit. The applicant must provide information, documents and evidence...

Eligibility requirements

You will be eligible for admission as a solicitor if the SRA is satisfied: you have successfully and satisfactorily completed: an apprenticeship leading to qualification as a solicitor; or the academic stage of training and the vocational stage of training; and as to your character and suitability to be a solicitor. The SRA may decide that it is satisfied that you have completed all or any...

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.

Grants in respect of statutory trusts

The SRA may make a grant to alleviate a deficiency in a statutory trust held by the SRA. The SRA may make a grant to a person where the money would have been due to that person but for their claim having been extinguished under rule 9.2 of the SRA Intervention Powers (Statutory Trust) Rules 2011 or rule 8.2 of the SRA Statutory Trust Rules.