SRA Standards and Regulations
Showing 141 results
Found in
SRA Compensation Fund Rules (Archived)
Fund of last resort
The SRA may refuse or reduce a grant where the loss or part of the loss is, or was, capable of being made good by some other means.
Found in
SRA Compensation Fund Rules (Archived)
Deduction from grants
The SRA may deduct from any grant such amount as it sees fit so that the applicant will not be in a better position by reason of a grant than the applicant would have been in if no loss had been sustained. The SRA may deduct from any grant such amount as it sees fit to represent monies already recovered, or which will or should have been recovered, by the applicant through other means in...
Found in
SRA Compensation Fund Rules (Archived)
Apportionment and multi-party issues
Where the loss has been sustained as a result of the act or omission of more than one party, the SRA will consider the role of each party in contributing to the applicant's loss in deciding whether to make a grant and, if so, the amount of any grant. In the case of a defaulting licensed body, the SRA will consider the extent to which the loss is attributable to an act or omission which falls...
Found in
SRA Compensation Fund Rules (Archived)
Recovery and subrogation
Where the SRA makes a grant otherwise than by way of loan or if by way of loan repayments of the loan is waived or otherwise the borrower has failed to repay part or all of the loan, the SRA shall be subrogated to the rights and remedies of the person to whom or on whose behalf the grant is made to the extent of the amount of the grant. Where rule 18.1 applies, the recipient must if required...
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,...
Found in
SRA Compensation Fund Rules 2021
Eligibility for a grant
A person is eligible to apply for a grant out of the Fund if, at the time the application is made, they are: an individual; a sole trader, partnership, body corporate, unincorporated association or mutual association with an annual turnover or assets of less than £2 million; a charity with annual income net of tax in the most recent financial year of less than £2 million; or a trustee of a...
Found in
SRA Compensation Fund Rules 2021
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 2021
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. For the purposes of this rule, a single claim is an application, or applications, from an applicant for the loss incurred by them arising from a single event or set of connected underlying circumstances.
Found in
SRA Compensation Fund Rules 2021
Capping payments of multiple applications
Where multiple applications are made to the Fund: that relate to the same or connected underlying circumstances; and the SRA is satisfied that the total amount of the grants made from the Fund in respect of such applications is likely to exceed £5 million, the SRA may impose a limit on the total amount to be paid in respect of those applications of £5 million. Where the SRA imposes a limit...
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