SRA Standards and Regulations
Showing 141 results
Found in
SRA Compensation Fund Rules (Archived)
Defaulting practitioners
The SRA may only make a grant in respect of acts or omissions of a defaulting practitioner, or of a defaulting practitioner's employee, owner or manager as appropriate, which fall within rule 3. A defaulting practitioner means: a solicitor or an REL who at the date of the relevant act or omission was: practising in an authorised body; or practising in a non-commercial body; a solicitor or an...
Found in
SRA Compensation Fund Rules (Archived)
Interest
In respect of any grants made under rules 3, 6 or 7 the SRA may make a supplementary grant by way of a sum in lieu of lost interest on the loss underlying the principal grant. Such interest will be calculated by the SRA in accordance with prescribed rates. Where the application for the principal grant is in respect of a failure to redeem a mortgage, the SRA may also make a grant in respect of...
Found in
SRA Compensation Fund Rules (Archived)
Maximum grant
Unless the SRA is satisfied that there are exceptional circumstances in the public interest that justify a higher sum, the maximum grant that may be made is £2 million.
Found in
SRA Compensation Fund Rules (Archived)
Losses outside the remit of the Fund
For the avoidance of doubt, the SRA shall not make a grant in respect of losses that: arise solely by reason of professional negligence by a defaulting practitioner, or the employee or manager of a defaulting practitioner, save as provided for in rule 3.4; are indirect or consequential, save where a claim is made for costs of completing or remedying work for which the defaulting practitioner...
Found in
SRA Compensation Fund Rules (Archived)
Foreign lawyers
The SRA shall not make a grant in respect of any act or omission of an REL, or the employee of an REL, where such act or omission took place outside the UK, unless the SRA is satisfied that the act or omission was, or was closely connected with, the act or omission of a solicitor or the employee of a solicitor, or that the act or omission was closely connected with the REL's practice in the...
Found in
SRA Compensation Fund Rules (Archived)
Application and time limit
An applicant must make an application for a grant in the prescribed form, and within 12 months of the date they first became aware, or should reasonably have become aware, of the loss. The SRA may extend the 12 month period in rule 16.1 if satisfied that there are circumstances which justify the extension of the time limit. The applicant must provide information, documents and evidence...
Found in
SRA Compensation Fund Rules (Archived)
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,...
Found in
SRA Compensation Fund Rules (Archived)
Refusal of an application
If the SRA refuses to make a grant of either the whole or part of the amount applied for, the applicant will be informed in writing of the reasons for the decision. The fact that an application has been rejected does not prevent a further application being submitted provided that material new relevant evidence or information is produced in support of the new application.
Found in
SRA Compensation Fund Rules (Archived)
Costs
Where an applicant intends to or has already instituted proceedings for recovery of their loss and wishes to apply for a grant in respect of the costs of the proceedings, the SRA will only consider such costs where: they can be shown to be proportionate to the loss and the amount likely to be recovered; or the proceedings were necessary for the making of an application to the Fund. Where a...
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