SRA Standards and Regulations

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SRA Authorisation of Firms Rules

Rule 8

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...
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SRA Authorisation of Firms Rules

Rule 1

Eligibility

You will be eligible to apply for authorisation: as a licensed body, if you are a licensable body and have at least one manager that is an authorised person (other than a licensed body or an RSL); as a recognised body, if you are a legal services body in which all of the managers and interest holders are legally qualified (other than RSLs); or as a recognised sole practice, if you are a...
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SRA Authorisation of Firms Rules

Rule 13

Approval of role holders

Subject to rules 13.2 to 13.4, the SRA may approve a person's designation as a COLP or COFA or to be a manager or owner of an authorised body if it is satisfied that the individual is fit and proper to undertake the role, in accordance with the SRA Assessment of Character and Suitability Rules. The SRA will deem a person to be fit and proper to be a manager or owner of an authorised body if...
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SRA Authorisation of Firms Rules

Rule 13

Approval of role holders

Subject to rules 13.2 to 13.4, the SRA may approve a person's designation as a COLP or COFA or to be a manager or owner of an authorised body if it is satisfied that the individual is fit and proper to undertake the role, in accordance with the SRA Assessment of Character and Suitability Rules. The SRA will deem a person to be fit and proper to be a manager or owner of an authorised body if...
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SRA Application, Notice, Review and Appeal Rules

Rule

Individual authorisation

As set out in the SRA Authorisation of Individuals Regulations: A decision made under regulation 1.1(b) not to be satisfied that an individual holds a degree or qualifications or experience which are equivalent to a degree. A decision made under regulation 3.1(a) not to be satisfied that an individual holds a legal professional qualification that is recognised by the SRA, which confers rights...
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SRA Application, Notice, Review and Appeal Rules

Rule

Firm authorisation

As set out in the SRA Authorisation of Firms Rules: A decision made under rule 2.2 to refuse authorisation. A decision made under rule 3.1 to impose conditions on authorisation. A decision to refuse approval for the taking of steps specified in conditions under rule 3.3(c). A decision under rule 4.3 or 4.4 to revoke or suspend a body's authorisation. A decision made under rule 12.1 to extend,...
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SRA Application, Notice, Review and Appeal Rules

Rule

Miscellaneous

A decision made under the SRA Compensation Fund Rules 2019 or the SRA Compensation Fund Rules 2021 not to make a grant of the whole or part of the amount applied for from the Fund. Any decisions in respect of which there is a right of external appeal as set out in annex 2 or 3, that are not covered above.
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SRA Application, Notice, Review and Appeal Rules

Rule

Firm authorisation

As set out in the SRA Authorisation of Firms Rules: A decision made under rule 2.2 to refuse authorisation of a recognised body or recognised sole practice. A decision made under rule 4.3 to revoke or suspend authorisation of a recognised body or recognised sole practice. A decision made under 3.1 to impose conditions on authorisation of a recognised body or recognised sole practice. A...
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SRA Authorisation of Individuals Regulations

Regulation 10

Practising on your own

Subject to regulation 10.2, if you are a solicitor or an REL you must not act as a sole practitioner unless your practice is authorised as a recognised sole practice. If you otherwise would be, you will not be regarded as acting as a sole practitioner and you will not therefore need to be authorised as a recognised sole practice if: your practice consists entirely of carrying on activities...
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SRA Financial Services (Conduct of Business) Rules

Rule 6

Safekeeping of clients' investments

Where you undertake the regulated financial services activity of safeguarding and administering investments, you must operate appropriate systems, including the keeping of appropriate records, which provide for the safekeeping of assets entrusted to you by clients and others. Where such assets are passed to a third party: you should obtain an acknowledgement of receipt of the property; and if...