SRA Standards and Regulations
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SRA Accounts Rules
Operation of a client's own account
If, in the course of practice, you operate a client's own account as signatory, Part 2 of these rules does not apply save for: rule 8.2 - statements from banks, building societies and other financial institutions; rule 8.3 - reconciliations; rule 8.4 - bills and notifications of costs.
Found in
SRA Accounts Rules
Third party managed accounts
You may enter into arrangements with a client to use a third party managed account for the purpose of receiving payments from or on behalf of, or making payments to or on behalf of, the client in respect of regulated services delivered by you to the client, only if: use of the account does not result in you receiving or holding the client's money; and you take reasonable steps to ensure,...
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SRA Regulatory and Disciplinary Procedure Rules
Decisions to impose a financial penalty
An authorised decision maker may decide to direct the payment of a financial penalty under rule 3.1(b), where this is appropriate to: remove any financial or other benefit arising from the conduct; maintain professional standards; or uphold public confidence in the solicitors' profession and in legal services provided by authorised persons. Where the SRA recommends the imposition of a...
Found in
SRA Statutory Trust Rules
Residual balances
The SRA may use any funds which remain in a statutory trust account following the distribution to beneficiaries under rule 7 to reimburse any costs, charges, or other expenses, which it has incurred in establishing the beneficial entitlements to the statutory trust monies and in distributing the monies accordingly. If funds remain in a statutory trust account after payment to beneficiaries and...
Found in
SRA Code of Conduct for Solicitors, RELs and RFLs
Other business requirements
You must not be a manager, employee, member or interest holder of a business that: has a name which includes the word "solicitors"; or describes its work in a way that suggests it is a solicitors' firm; unless it is an authorised body. If you are a solicitor who holds a practising certificate, an REL or RFL, you must complete and deliver to the SRA an annual return in the prescribed form. If...
Found in
SRA Code of Conduct for Solicitors, RELs and RFLs
Dispute resolution and proceedings before courts, tribunals and inquiries
You do not misuse or tamper with evidence or attempt to do so. You do not seek to influence the substance of evidence, including generating false evidence or persuading witnesses to change their evidence. You do not provide or offer to provide any benefit to witnesses dependent upon the nature of their evidence or the outcome of the case. You only make assertions or put forward statements,...
Found in
SRA Code of Conduct for Firms
Maintaining trust and acting fairly
You do not unfairly discriminate by allowing your personal views to affect your professional relationships and the way in which you provide your services. You do not abuse your position by taking unfair advantage of clients or others. You perform all undertakings given by you and do so within an agreed timescale or if no timescale has been agreed then within a reasonable amount of time. You do...
Found in
SRA Code of Conduct for Firms
Managers in SRA authorised firms
If you are a manager, you are responsible for compliance by your firm with this Code. This responsibility is joint and several if you share management responsibility with other managers of the firm.
Found in
SRA Compensation Fund Rules 2021
Residual discretion and fund of last resort
The Fund is a discretionary fund of last resort and no person has a right to a grant enforceable at law. The SRA retains a discretion to refuse to consider an application or to make a grant notwithstanding that the conditions in these rules for making a grant are satisfied. The circumstances in which the residual discretion in rule 2.1 may be exercised include, but are not limited to,...
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