The following Practice Compliance practice note provides comprehensive and up to date legal information covering:
PII covers civil claims against your firm, most commonly for professional negligence.
The SRA Handbook commences with ten SRA Principles. These are mandatory and apply to every aspect of practice, including the maintenance of PII. The most relevant SRA Principle is the requirement to run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles.
Requirements relating to negligence and PII can be found in the SRA:
Code of Conduct 2011, and
Indemnity Insurance Rules 2013
The SRA Code of Conduct 2011 describes outcomes that you must achieve in order to comply with the SRA Principles. These outcomes are mandatory and are supported by indicative behaviours. The indicative behaviours are not compulsory; they specify but do not constitute an exhaustive list of the kinds of behaviour that may establish compliance with or contravention of the mandatory principles.
Clients must have the benefit of your compulsory PII. The SRA sets a minimum level of PII that you must maintain. The
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