SRA Standards and Regulations

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...

Withdrawals from client account

You only withdraw client money from a client account: for the purpose for which it is being held; following receipt of instructions from the client, or the third party for whom the money is held; or on the SRA's prior written authorisation or in prescribed circumstances. You appropriately authorise and supervise all withdrawals made from a client account. You only...

Duty to correct breaches upon discovery

You correct any breaches of these rules promptly upon discovery. Any money improperly withheld or withdrawn from a client account must be immediately paid into the account or replaced as appropriate.

Operation of joint accounts

If, when acting in a client's matter, you hold or receive money jointly with the client or a third party, Part 2 of these rules does not apply save for: rule 8.2 - statements from banks, building societies and other financial institutions; rule 8.4 - bills and notifications of costs.

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,...

SRA Principles

You act: in a way that upholds the constitutional principle of the rule of law, and the proper administration of justice. in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons. with independence. with honesty. with integrity. in a way that encourages equality, diversity and inclusion. in the best interests of each...

Maintenance of and contributions to the Fund

The SRA shall establish and maintain a fund for making grants in respect of claims made in accordance with these rules. Solicitors, RELs, RFLs, recognised bodies and licensed bodies must make contributions to the Fund in such amounts and at such times as may be prescribed. Any unpaid contributions may be recovered as a debt due to the SRA. The SRA may at any time: borrow for the purposes of...

Grants to defaulting practitioners

The SRA may make a grant to a defaulting practitioner who or which has suffered or is likely to suffer loss by reason of their liability to any client in direct consequence of an act or omission of: in the case of a defaulting solicitor, defaulting REL or defaulting RFL, any of their employees or any fellow manager; in the case of a defaulting recognised body, any of its employees or managers...

Grants in respect of statutory trusts

The SRA may make a grant to alleviate a deficiency in a statutory trust held by the SRA. The SRA may make a grant to a person where the money would have been due to that person but for their claim having been extinguished under rule 8.2 of the SRA Statutory Trust Rules.

Conduct of the applicant and contribution to loss

A grant may be refused or reduced to take account of any act or omission by the applicant or anyone acting on their behalf that has contributed to or has failed to mitigate the loss.