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SQE1 SRA Principles, Code of Conduct and Accounts Rules

30 flashcards on the SRA Principles, the Code of Conduct, client money and money laundering rules. Study material written for practice, not the official assessment.

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SRA Principle 1
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1
SRA Principle 1
Act in a way that upholds the constitutional principle of the rule of law and the proper administration of justice.
2
SRA Principle 2
Act in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons.
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SRA Principle 3
Act with independence.
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SRA Principle 4
Act with honesty.
5
SRA Principle 5
Act with integrity.
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SRA Principle 6
Act in a way that encourages equality, diversity and inclusion.
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SRA Principle 7
Act in the best interests of each client.
8
Conflict between Principles
Principles that safeguard the wider public interest, such as the rule of law and public confidence, take precedence over a client's interests.
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Own-interest conflict
A solicitor must not act where there is a conflict, or a significant risk of one, between their own interests and a client's.
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Client conflict
A solicitor must not act in the same or related matters for two clients in conflict, unless there is a substantial common interest or competition for the same objective, with safeguards.
11
Confidentiality
A solicitor must keep the affairs of current and former clients confidential unless disclosure is required or permitted by law or the client consents.
12
Duty of disclosure
A solicitor must make clients aware of all information material to their matter, but this does not override confidentiality owed to another client.
13
Duty to the court
A solicitor must not mislead the court or others, or attempt to do so, by acts or omissions.
14
Undertakings
A solicitor must perform any undertaking given in the course of practice within the agreed time or, if none, a reasonable time.
15
Error discovered
Tell the client promptly, explain what happened and put the matter right if possible.
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Reporting duty
Report promptly to the SRA facts or matters reasonably believed capable of amounting to a serious breach of the regulatory arrangements.
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Client care: costs
Give clients the best possible information about the likely overall cost of the matter, both at the outset and as the matter progresses.
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Client care: complaints
Tell clients in writing at the outset of their right to complain, how to complain and their right to go to the Legal Ombudsman.
19
Supervision
A solicitor must ensure that those they supervise are competent to carry out their work and are properly supervised.
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COLP
Compliance Officer for Legal Practice: ensures the firm complies with the SRA's regulatory requirements and reports breaches.
21
COFA
Compliance Officer for Finance and Administration: ensures compliance with the SRA Accounts Rules.
22
Client money
Money held or received for a client or third party, including payments on account of costs not yet billed; it must be kept in a client account.
23
Banking facility rule
A firm must not use its client account as a banking facility for payments unrelated to an underlying legal service.
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Reconciliation
Client account records must be reconciled with bank statements at least every five weeks.
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Residual balances
Client money left after a matter ends must be returned promptly to the client or third party entitled to it.
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Interest
A firm must account to clients for a fair sum in lieu of interest on client money held.
27
Legal Ombudsman
Independent scheme that investigates complaints about service and can order apology, compensation or corrective work.
28
Solicitors Disciplinary Tribunal
Independent tribunal that hears serious misconduct allegations brought by the SRA and can fine, suspend or strike off.
29
Tipping off (POCA s333A)
Disclosing that a report has been made, or that an investigation is under way, if that is likely to prejudice an investigation.
30
Customer due diligence
Identify the client and verify identity, understand the purpose of the relationship and apply enhanced measures to higher-risk clients.

SQE1 (Solicitors Qualifying Examination) in the United Kingdom

In the United Kingdom, SQE1 (Solicitors Qualifying Examination) is part of: Professional exams.

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