SRA Requirements Insurance Distribution Activities Is Your Firm Compliant?

Any firm that is involved in the recommending and sale of Insurance Products to their clients MUST notify the Solicitors Regulation Authority about their insurance distribution activities to be included as an exempt professional firm (EPF).

Failure to do so will put the firm in breach of the SRA Codes of Conduct due to failure to act honestly, fairly and professionally and in the client’s best interests and failure to comply with the client information and publicity requirements.

Firms who tend to require to be registered for Insurance Distribution Activities will be those involved in: –

  • Property – Recommending Title Defect or Building Regulation related insurance
  • Personal Injury or Litigation – Provision of After the Event Insurance
  • Private – Putting in place home protection policies

If your firm is operating in one of the above areas and has not notified the SRA of their insurance distribution activity YOU MUST ACT NOW.

To be compliant, a firm will need to: –

  • Nominate an Insurance Distribution Officer.
  • Complete a file an FA8 application form which can be accessed through MySRA  – organisation applications.
  • Generate and send to all clients a Demands and Needs Statement with the required information that must be disclosed to clients.
  • Train any staff involved in insurance Distribution Activities and set out their requirements.

If you are concerned that you have not acted in accordance with the SRA requirements or you wish to seek guidance on whether your firm should implement the necessary requirements, get in touch and we will assist you.

About The Strategic Partner and Our Services

At The Strategic Partner, we work with firms and their COLP’s and COFA’s to assist them with the management of risk, compliance and regulation through our two compliance solutions or we can provide individual training and guidance.

We always provide bespoke services as we recognise that every law firm is different. It is essential to provide guidance, consultancy, written documents, training, and procedures that meet the exact requirement of the firm to overcome rather than provisional templated solutions.

You can view our compliance services by clicking on the links below. Our solutions are cost-effective and provide firms with the necessary solutions to comply with the:

  • Codes of Conduct
  • SRA Accounts Rules
  • Regulations including AML
  • Other legalisation that affects law firms

These are comprehensive packages set at affordable prices for all firms.

For more information about our Risk, Regulation & Compliance Services, you can call us on 0203 911 9710 or you can email us at Links to our brochures are as follows:-

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