SRA Standards and Regulations
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Found in
SRA Indemnity Rules 2012 (Archived)
Arbitration
Any dispute or difference concerning any claim or the quantum of any claim to be provided with indemnity in accordance with these Rules shall be referred to the sole arbitrament, which shall be final and binding, of a person to be appointed on the application of either party in default of agreement by the President of the Society for the time being. Any such arbitration shall take place and...
Found in
SRA Indemnity Rules 2012 (Archived)
Power to require contributions
The Society shall have power to require principals to make contributions of such amount and on such basis as the Society may from time to time determine. Value Added Tax, to the extent chargeable on any relevant supply which takes or may be treated as taking place under or by virtue of these Rules, will be charged and payable in addition to and at the same time as any contributions payable...
Found in
SRA Indemnity Rules 2012 (Archived)
Powers of the Society
Solicitors Indemnity Fund Limited shall hold, and have full power to manage and administer, the fund, subject only to: such directions, conditions and/or requirements as the Society may from time to time issue to or impose upon it expressly pursuant to this provision, and/or such further detailed arrangements as the Society may from time to time agree with it. Without limiting the generality...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Withdrawals from client account
You only withdraw client money from a client account: for the purpose for which it is being held; following receipt of instructions from the client, or the third party for whom the money is held; or on the SRA's prior written authorisation or in prescribed circumstances. You appropriately authorise and supervise all withdrawals made from a client account. You only withdraw client money from a...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Obtaining and delivery of accountants' reports
The SRA may require you to obtain or deliver an accountant's report to the SRA on reasonable notice if the SRA considers that it is in the public interest to do so. You must ensure that any such report is prepared and signed by an accountant who is a member of one of the chartered accountancy bodies and who is, or works for, a registered auditor. The SRA may disqualify an accountant from...
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SRA Principles
SRA Principles
You act: in a way that upholds the constitutional principle of the rule of law, and the proper administration of justice. in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons. with independence. with honesty. with integrity. in a way that encourages equality, diversity and inclusion. in the best interests of each...
Found in
SRA Statutory Trust Rules
Holding statutory trust monies
The SRA shall place all statutory trust monies in an identifiable statutory trust account. All interest earned on the funds held in any statutory trust account shall be paid into that account.
Found in
SRA Statutory Trust Rules
Claimants to money
Unless the SRA agrees otherwise, every claimant must submit to the SRA a claim in the prescribed form accompanied by any documentation and other evidence as may be required by the SRA, and which must include, if requested by the SRA, a statement of truth.
Found in
SRA Statutory Trust Rules
Verification of claims
The SRA may verify the individual potential beneficial entitlements claimed under rule 4 by examining all available evidence.
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