SRA Standards and Regulations

Notice to defaulting practitioner

The SRA may not make a grant unless it has given not less than 8 days' notice to the defaulting practitioner informing them of the nature and value of the application, unless it appears to the SRA that it would not be reasonably practicable to give such notice, or the grant should be made urgently. Where the SRA has made a grant urgently in accordance with rule 17.1, the SRA shall as soon as,...

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...

Effect of authorisation

If you are a recognised body or a recognised sole practice authorised by the SRA you are entitled to carry on: all reserved legal activities except notarial activities; and immigration work. If you are a licensed body you are entitled to carry on the activities set out in rule 5.1, in accordance with the terms of your licence. An authorised body may only carry on a reserved legal activity...

Application

These rules apply to authorised bodies that are not regulated by the FCA, their managers and employees and references to "you" in these rules should be read accordingly. Where an authorised body is a licensed body, these rules apply only in relation to the activities regulated by the SRA in accordance with the terms of the body's licence.

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...

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.

Indemnity limit

Save in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply, the indemnity limit shall be £1,000,000 each and every claim (including claimants' costs).

Disclosure and publication

The SRA may disclose or publish any information arising from or relating to an investigation, either in an individual case or a class of case, where it considers it to be in the public interest to do so. The SRA shall publish any decision under rule 3.1 or 3.2, when the decision takes effect or at such later date as it may consider appropriate, unless it considers the particular circumstances...

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...

Application section

These rules apply to authorised bodies, their managers and employees and references to "you" in these rules should be read accordingly. The authorised body's managers are jointly and severally responsible for compliance by the authorised body, its managers and employees with these rules. In relation to a licensed body, the rules apply only in respect of activities regulated by the SRA in...