Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

sqe > ch 2 - regulatory role of SRA > Flashcards

ch 2 - regulatory role of SRA Flashcards

1
Q

what principles does SRA follow

A

SRA principles of ethical behaviour eg rule of law, public trust, independence, honesty, integrity, equality, best interests of client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is the SRA an approved regulator and under what act?

A

Approved regulator under Legal Services Act 2007

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Who can SRA authorise

A

solicitors and firms to carry out reserved legal activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

who oversees SRA

A

Legal Servicces Board who has duty to promote regulatory objectives which are passed on to SRA.
SRA must as far as is reasonably practicable act in a way compatible with those objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the SRAs purpose with regulation

A

protect consumers of legal services and support rol and admin of justice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what approach to regulation does SRA take

A

risk-based. focus on misconduct most likely to harm public interest.

risk - combination impact of a certain event occuring (potential harm could be caused) and probability will occur.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Examples of measues SRA can use to proportionately address issues or reduce risk

A

set standards, impose fine, issue warning notices, raise consumer awareness.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Does SRA expect firms to do their own risk management

A

Yes - firms must identify, monitor and manage material risks to business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Can SRA authorise firms and individuals

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What type of businesses are eligible for authorisation by SRA?

A

recognised sole practitioner (choose to practice alone) - their organisation is recongised as a sole practice.

and a recognised body - partnerships, LLPs, companies (requirements)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is a legal services body

A

all the managers and interest holders are legally qualified is eligible to apply for authorisation as a recognised body.

Legal services body = 75% of managers are legally qualified, the proportion of shares and voting rights held by legally qualified persons is at least 75% and managers who are not legally qualified are approved by SRA. Furthermore, at least one manager must be a solicitor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Can a solicitor’s practice could be incorporated as a company?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Licensed bodies. Alternative business structures.

Ownership/ control/ management not wholly in hands of individuals who are legally qualified.

What are the eligibility requirements to apply for authorisation as a licensed body?

A

At least one manager authorised by SRA (eg a solicitor) or another approved regulator.

It must also be a licensable body:

  • if a non-authorised person (not authorised by any approved regulator) is a manager or an interest holder of the body (hold shares or entitled to exercise voting rights)

OR

  • A body (B) is a licensable body if another body (A) is a manager of B or is an interest holder of B AND non-authorised persons are entitled to exercise or control the exercise of at least 10% of voting rights in A.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does it mean if a body is authorised by SRA?

A

carry all reserved legal activities not notarial activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A recognised body must always have who for compliance?

A

Compliance Officer for Legal practice and Compliance Officer for Finance and Administration whom SRA have approved.

Licensed body authorised - need desginated compliance officers - Head of Fin and Admin and Head of Legal Practice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Following authorisation investigation process what can SRA do?

A

Grant blanket authorisation, authorise provision of selected legal services or refuse.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Requirements for individual to act as a solicitor

A

Admitted as a solicitor; name on the roll; practising certificate. (even if not doing reserved activities need a practising certificate).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

can firms which are not required to be authorised still apply for authorisation

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

For SRA to authorise an individual what are the 2 elements

A

Admission as a solicitor and a practising certificate.

20
Q

Practice as a solicitor without haveing a practising certificate punishment?

A

Criminal offence

21
Q

practising as a solicitor subject to regulation of who?

A

SRA

22
Q

What is admission of a solicitor?

A

Accepted into profession and name on the roll.

Attained required qualifications, required training done and SRA satisfied on character and suitability.

Character Suitability Rules apply to former solicitors seeking restoration to roll/ Compliance Officer Legal practice.

23
Q

what does Pt 1 of character and suitability Rules look at

A

maintain public confidence etc.

24
Q

what does Pt 2 of character and suitability Rules look at

A

criminal conduct and other conduct or behaviour

25
Q

what does Pt 3 of character and suitability Rules look at

A

aggravating and mitigating factors

26
Q

is obligation to disclose matters including overseas to SRA about character and suitability?

A

yes.

and tell SRA promptly if changes in info previously disclosed.

27
Q

practising certificate

do you need one irrespective of whether carrying out reserved legal activities?

A

yes.

Not dependent on firm being SRA authorised

28
Q

who is eligible to apply for a practising certificate?

A

an admitted solicitor

29
Q

what does a certificate entitle a solicitor to do?

A

carry on all reserved activities except notarial actives.

rights of audience - higher courts need to complete Higher Courts Qualification.

30
Q

does a practice certificate have to be renewed

A

apply to SRA each year for renewal on 31st Oct and fee for renewal.

31
Q

does SRA have to renew practicising certificate

A

if in public interest to do so could refuse or place conditions.

32
Q

if SRA refuses an app for a PC or imposes conditions can this be reviewed?

A

Ask SRA to review or appeal to high Court.

33
Q

Under which circumstances is a freelance solicitor (works on their own) not required to be authorised as a sole practice?

A
  • carries out entirely non reserved legal activities
  • reserved legal activities are provided through an authorised body
  • practicesed for a min of 3 years since admission, self-employed, practice in their own name, indemnity insurance, no one employed in connection to services, holds limited categories of client money.

Contrast with sole practioner (can employ ppl but owns and responsible for firm in its entirety).

Authorisation not required for a freelance solicitor must still notify SRA, details on public register.

34
Q

In-house solicitors - solicitor working outside authorised firm.

Who can they deliver reserved legal activities to?

A

Employer not general public

35
Q

What is a non-commercial organisation? And do they need to be authorised?

A

Charities, community groups, TUs etc.

Exempt from authorisation, solicitors working directly with them on behalf of organisation to provide reserved legal activities to public. No specifici insurance requirement - just adequate and appropriate.

36
Q

Can you be covered by insurance taken out by firm - trainee/ indiviudual assistant solicitors?

A

yes

37
Q

Inusrance must be taken out by insurers who are regulated by?

A

FCA and have an agreement with SRA to provide insurance on particular terms.

38
Q

Recognised and licensed bodies - insurance terms.

SRA authorised firms.

A

The sum insured for any one claim (exclusive of defence costs) at least 3 mil and at least 2 mil other cases.

Can’t exclude or attempt to exclude below that level.

Adequate and appropriate - a firm may have to go beyond that minimum and take out top up cover,

39
Q

Does insurance need to be continuous?

A firm cannot effect qualifying insurance at end of policy period how long does minimum terms extend cover?

A

Must be continuous.

Min terms cover for a max of 90 days. Must inform SRA if in this extension period.

40
Q

After 30 days no insurance cover can be found?

A

Notify SRA and cannot take on new work.

41
Q

At end of 90 days can’t get insurance cover?

A

Cease practicising.

42
Q

Ensure insurance must be taken out is?

A

Adequate and appropriate

43
Q

Non commercial org solicitors do they have a duty to take out insurance (the solicitors themselves)

A

Yes and freelance solicitors providing reserved legal services to public have to take out adequate and appropriate.

Only adeqaute and appropriate if providing services to public for nonorg and freelance.

44
Q

Do solicitors have to make available to clients info on compulsory prof indemnity insurance and details

A

Yes and freelance solicitors have to inform clients when providing reserved legal services to public that not required to meet minimum conditions.

45
Q

Solicitors under a duty to give clients infor in a way they can udnerstand and make informed decisions?

A

Yes this also applies to firms.

sqe (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions