Legal Services - Regulatory Role of the SRA Flashcards

1
Q

Professional Indemnity Insurance

A

Amount must be adequate and appropriate depending on type of work and clients, for example. But must be at least £3 million coverage for any one claim.

Minimum level doesn’t apply to freelance solicitors but they must let their clients know if coverage less than £3 million.

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2
Q

Reserved Legal Activities

A

E.g. issuing proceedings, representing a client in court, drawing up a will

Can only be undertaken by those authorised by one of the 7 regulatory bodies

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3
Q

Freelance solicitors

A

Can carry out reserved legal activities without being authorised by the SRA as a sole practitioner firm if:

  • They have at least 3 years’ PQE
  • They must not hold client money
  • They take out adequate and appropriate insurance cover (not subject to min term)
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4
Q

Solicitors in non-commercial bodies

A

Must ensure body takes out indemnity insurance with adequate and appropriate coverage

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