SRA Standards and Regulations

Indemnity

Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...

Establishment and maintenance of fund

The SRA shall maintain the Indemnity Fund in accordance with these Rules. The purpose of the Indemnity Fund is to provide indemnity against loss as mentioned in section 37 of the SA as extended by section 9 of the AJA, Schedule 4 paragraph 1(3) of the European Communities (Lawyer's Practice) Regulations 2000 and section 89 of the Courts and Legal Services Act 1990 in the circumstances, to the...

Storage and retention of accounting records

You must store all accounting records securely and retain these for at least six years.

Distribution of beneficial entitlements

In a case where the accounting records of the intervened practitioner are reconciled accounts, payments to beneficiaries will be made on the basis of the reconciled list. In a case where the accounting records of the intervened practitioner are not reconciled accounts, payments to beneficiaries will be made on the basis of the best list. Any interest which has accrued on a statutory trust...

Compliance officers

An authorised body must at all times have an individual who is designated as its COLP and an individual who is designated as its COFA, and whose designations the SRA has approved. Subject to rule 8.3, an individual who is designated under rule 8.1 must: be a manager or employee of the authorised body; consent to the designation; not be disqualified from acting as a HOLP or HOFA under section...

Payment of periodical fees

Every authorised body must pay to the SRA a periodical fee in the amount, and by the date prescribed.

Conditions

The SRA may at any time, whether on grant of an application for authorisation or otherwise, impose such conditions on a body's authorisation (whether indefinite or for a specified period), where it considers it appropriate in the public interest to do so and in accordance with rules 3.2 and 3.3. The SRA may impose conditions under rule 3.1 if it is satisfied that the authorised body, or a...

Duration of authorisation

A body's authorisation takes effect from the date the certificate of authorisation is issued to it by the SRA. A body's authorisation shall cease to have effect: subject to Part 5, if the body ceases to exist; or if the body is a licensed body and is issued with a licence by another approved regulator. The SRA may revoke or suspend a body's authorisation, if: it is satisfied that the...

Payment of periodical fees

Every authorised body must pay to the SRA a periodical fee in the amount, and by the date prescribed.

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...