In order for the SRA to be able to start regulating in an outcomes-focused way from 6 October 2011, they published a Handbook in April 2011.
The SRA's Handbook:
- underpins the regulation of solicitors, law firms and alternative business structures (ABS)
- brings together all of the SRA's regulatory requirements into a single structure
- sets out ethical standards the SRA expects of law firms and practitioners
- sets out the outcomes that the SRA expect practitioners to achieve for their clients
Most of the Handbook, including the new Code of Conduct, will come into force on 6 October 2011. However, some provisions will come into force in stages.
What the Handbook contains
Principles
The Handbook sets out ten mandatory principles which define the ethical and professional standards and apply to all those the SRA regulate, and to all aspects of practice. All those regulated by the SRA must adhere to these principles.
More about the principles
Code of Conduct
The Code of Conduct outlines the outcomes-focused conduct requirements. The Code enables firms and individuals to focus on what the best outcomes are for their clients. This replaces the Solicitors' Code of Conduct 2007, and looks very different.
More about the Code of Conduct
Overseas practice
The overseas practice provisions are included throughout the Handbook. They are now found at the end of each chapter of the Code of Conduct instead of being outlined in one rule of the Code. The SRA are intending to review the overseas practice provisions in 2011. Read our practice note on overseas practice.
Accounts rules
The accounts rules replace the Solicitors' Accounts Rules 1988. They set out requirements aimed at protecting client money.
Authorisation and practising requirements
Authorisation and practising requirements outline key requirements for:
- the training and admission for individuals intending to become solicitors
- exercising higher rights of audience
- individuals and firms setting up in practice
- individuals and firms holding certain roles in practice.
This section in the Handbook includes the practice framework rules, authorisation rules, practising regulations, training regulations, admission regulations and the suitability test.
More about these requirements
Client protection
Client protection sets out the key elements for the financial protection of clients. This section of the Handbook includes the indemnity insurance rules, indemnity rules, intervention powers rules and compensation fund rules.
Read more about PII
Discipline and costs recovery
Discipline and costs recovery are the provisions upon which the SRA's disciplinary and cost recovery powers are based. This section of the Handbook includes the disciplinary procedure rules and cost of investigations regulations.
Specialist services
These provisions are only applicable when certain services are being provided to clients. Included in this section of the Handbook are the property selling rules, financial services (Scope) rules, financial services (conduct of business) rules and European cross-border practice rules.
Read more about the Handbook on the SRA website