SRA Standards and Regulations
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SRA Indemnity Fund Rules
Arbitration
If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...
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SRA Indemnity Fund Rules
Scope of indemnity
The following persons, namely: solicitors, former solicitors, RELs, persons formerly practising RELs, RFLs practising in partnership with solicitors or RELs, persons formerly practising as RFLs in partnership with solicitors or RELs, non - registered European lawyers practising in partnership with RELs, and persons formerly practising as non - registered European lawyers in partnership with...
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SRA Education, Training and Assessment Provider Regulations
Training principals
The training principal for an authorised training provider must: be a solicitor holding a current practising certificate or be a practising barrister; notify the SRA in the prescribed form before any individual commences a period of recognised training or if this is not possible then as soon as practicable thereafter; ensure that the training provided meets the requirements of regulation 4;...
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SRA Education, Training and Assessment Provider Regulations
Requirements for authorised training providers
An authorised training provider must: have in place a training principal for the whole duration of any period of recognised training, who meets the requirements of regulation 5 and whose identity has been notified to the SRA in the prescribed form; and pay the fees and expenses for each trainee's first attempt at the Professional Skills Course.
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SRA Accounts Rules
Client money
"Client money" is money held or received by you: relating to regulated services delivered by you to a client; on behalf of a third party in relation to regulated services delivered by you (such as money held as agent, stakeholder or held to the sender's order); as a trustee or as the holder of a specified office or appointment, such as donee of a power of attorney, Court of Protection deputy...
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SRA Accounts Rules
Client account
You only maintain a client account at a branch (or the head office) of a bank or a building society in England and Wales. You ensure that the name of any client account includes: the name of the authorised body; and the word "client" to distinguish it from any other type of account held or operated by the authorised body. You must not use a client account to provide banking facilities to...
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SRA Accounts Rules
Client money must be kept separate
You keep client money separate from money belonging to the authorised body. You ensure that you allocate promptly any funds from mixed payments you receive to the correct client account or business account. Where you are holding client money and some or all of that money will be used to pay your costs: you must give a bill of costs, or other written notification of the costs incurred, to the...
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SRA Indemnity Insurance Rules
Obligation to effect insurance
An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer. In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and...
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SRA Indemnity Fund (Enactment) Rules
Commencement and application
The Solicitors' Indemnity Rules 1987 as amended from time to time shall be further amended with effect from 1 October 2023 and shall continue in force thereafter in the form annexed hereto in which form they may be known as the SRA Indemnity Fund Rules. The Solicitors' Indemnity (Incorporated Practice) Rules 1991 as amended from time to time shall continue in force only in respect of the...
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