SRA handbook meaning

Outcome 11.3 Outcome 11.3 of the former 2011 code (old code) in the 2011 SRA Handbook on contract races is not carried across into the two new codes under the new SRA Standards and Regulations. Is any other provision in the new codes relevant to contract races? Yes. Principles 2 (maintaining public trust and confidence), 4 (acting honestly) and 5 (acting with integrity) in the Standards and Regulations almost certainly encompass contract races, and paragraphs 1.2 (not taking unfair advantage) and 1.4 (not misleading) in the 'Maintaining trust and acting fairly' section of the new codes would bear upon contract races in property transactions. Contract races can be ethically complex, arising where a property seller instructs their solicitor to proceed with more than one prospective buyer. In such circumstances it is common for attempts by the selling client or a bidder to secure a benefit (for example, receiving the pre-contract pack ahead of others in the race), meaning the contest is not genuinely fair or transparent. This dynamic frequently...

In this issue: Sanctions AML, CTF & counter-proliferation financing Other financial crime Data protection Other Practice Compliance updates this week Daily and weekly news alerts Trackers New and updated content Sanctions OFSI issues first counter-terrorism sanctions breach disclosure against Vanquis Bank The Office of Financial Sanctions Implementation (OFSI) has published its inaugural disclosure notice under section 149(3) of the Policing and Crime Act 2017 in relation to Vanquis Bank Limited, for contravening the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019. The contraventions arose when the bank did not restrict the account of a designated person for eight days after designation, permitting a £200 cash withdrawal and an £8.99 payment. OFSI judged the breach to be moderately severe, highlighting operational resilience shortcomings within sanctions screening, yet not sufficiently grave to merit a financial penalty. This matter sets a precedent for OFSI’s use of disclosure notices in counter-terrorism sanctions enforcement and underscores the necessity of swift account...

In this issue: Regulated activities Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Consumer credit, mortgage and home finance Regulation of insurance Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Regulated activities FCA releases Handbook Notice No 132 The Financial Conduct Authority (FCA) has issued Handbook Notice No 132, setting out amendments to the FCA Handbook approved by the FCA board on 26 June, 30 June, 10 July, 18 July and 31 July 2025. See: LNB News 01/08/2025 39. Authorisation, approval and supervision FCA rule change could leave firms exposed to fraud prosecution...

The solicitors’ profession operates within a tightly controlled framework. Alongside the core legal regulators, including the Legal Services Board (LSB) and the Solicitors Regulation Authority (SRA), several other regulatory and public bodies influence the profession and its oversight. This Practice Note outlines how the Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO) and the Equality and Human Rights Commission (EHRC) interact with the regulation of solicitors. For detail on the principal legal regulators, refer to Practice Note: Relationship between legal regulators. Financial Conduct Authority (FCA) The FCA is the UK’s sole statutory supervisor for financial services. Its remit and aims stem chiefly from the Financial Services and Markets Act 2000, as amended (FSMA 2000). Functioning independently from government, the FCA is wholly financed by the firms within its regulatory perimeter. The FCA Handbook can be accessed online, where all FCA rules and guidance are published, together with a range of tools designed to help users navigate and apply the Handbook...

This Practice Note outlines the principal features of the Solicitors Regulation Authority (SRA) regulatory framework. Within the SRA Standards and Regulations sit, among other things, the SRA Principles, the SRA Code of Conduct for Solicitors, registered European lawyers (RELs), registered foreign lawyers (RFLs) and registered Swiss lawyers (RSLs), the SRA Code of Conduct for Firms, and the SRA Accounts Rules. It provides signposts to the relevant elements of the SRA scheme and clarifies the central concepts. Links to relevant sections appear. The SRA Standards and Regulations took effect on 25 November 2019, supplanting the SRA Handbook and the 2011 Code of Conduct. Family practitioners must understand their professional duties under the SRA Principles, the SRA Code of Conduct for Solicitors, RELs, RFLs and RSLs, and the Code of Conduct for Firms within the Standards and Regulations. As well as directing readers to the pertinent parts of the SRA framework, this Practice Note sets out the regime’s core ideas. For practical help in areas where...

Solicitors Regulation Authority The Solicitors Regulation Authority (SRA), the independent regulator of the Law Society of England and Wales, offers guidance, information and support to help solicitors meet professional standards. Its contact centre responds to enquiries, and further details, including telephone, email and postal contact points, are available on the SRA website. The SRA Standards and Regulations took effect on 25 November 2019, replacing the SRA Handbook. A professional ethics helpline, staffed by trained advisers, gives guidance on the Standards and Regulations: telephone 0370 606 2577. Solicitors can also write to or email the Professional Ethics guidance team for advice. The SRA Update e-newsletter shares the latest news about the SRA’s work. The Practice Standards Unit oversees compliance, delivers talks to groups or firms, and may decide to offer more direct support by visiting a firm to assist with compliance. Legal Ombudsman The Legal Ombudsman has formal powers to resolve complaints about lawyers. It provides resources for lawyers, for example answers to frequently asked questions, a guide...