Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

SRA Firm-based Regulation: Reserved Legal Activities, Entity Authorisation, Supervision, Enforcement and COLP/COFA Responsibilities in England and Wales

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Practice notes

The Solicitors Regulation Authority (SRA) oversees both individuals (solicitors, registered European lawyers, registered foreign lawyers and registered Swiss lawyers) and practices (including partnerships, limited liability partnerships (LLPs), companies and sole practitioners). This Practice Note outlines the idea of firm-based regulation, a framework under which entities are supervised by the SRA in practice.

What is firm-based regulation?

The majority of providers generally operate through a business structure, for example:

partnership
LLP
company

The sole practitioner (that is, sole trader) model is the notable exception.

Where a firm delivers reserved legal activity services, it will usually require authorisation from one of the legal services regulators. Where a firm does not deliver reserved legal activity services, it may not require authorisation; however, subject to meeting the SRA’s eligibility criteria, it can elect to place itself within SRA regulation.

If a firm undertakes immigration, claims management or financial services, authorisation will be necessary, though this might be granted by the relevant sector-specific regulator (ie Immigration Advice Authority or Financial Conduct Authority) rather than the SRA—see Practice Note: New law firms—applying for SRA authorisation. Not every legal services regulator is permitted to regulate every category of legal services—see Practice Note: Legal Services Board—Statutory role...

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Web page updated on 21/05/2026

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