The Regulatory Role of the Solicitors Regulation Authority Flashcards
The purpose the SRA is to stipulate legal services regulation
TRUE OR FALSE
FALSE, the purpose if it regulation is to
- protect consumers of legal services
and
-support the operation of the rule of law and the proper administration of justice
Which types of bodies are eligible for authorisation by the SRA?
Recognised sole practictitioners.
Recognised bodies - partnerships, LLPs or companies.
Licensed bodies (alternative business structures)
What is the effect of authorisation by the SRA?
The body is entitled to carry out reserved legal activities and professional services.
A recognised body is a legal service body. What does the term legal service body mean?
- where at least 75% of the body’s 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 the SRA.
- Also, at least 1 manager must be a solicitor or registered European lawyer
What must the recognised and license body have?
Recognised body must have a Compliance Officer for Legal Practice and Compliance Officer for Finance and Administration
License body must have Head of Legal Practice and Head for Finance and Administration
If an applicant has been involved in criminal conduct can their application to SRA be accepted?
Most serious - where applicant had custodial or suspended sentence NO
Serious - MAYBE
Can solicitors carry on all reserved legal activities?
Yes expect notarial activities
Rights of audience in all courts - cannot exercise right in Higher Courts (CC, HC, CoA and SC) until they have HC Qualification
What values of Indemnity insurance does the SRA require?
For SRA regulated bodies £3million.
Other cases £2m (e.g unregistered sole practitioners)
Firms must also have adequate and appropriate insurance which will vary on the work undertaken by the individual / firm.
A solicitor must be open and honest with their clients about their PI cover.
