Fund

means the fund established and maintained under rule 1.1 of the SRA Compensation Fund Rules.

person

includes a body of persons (corporate or unincorporated)

defaulting practitioner

has the meaning given in rule 5 of the SRA Compensation Fund Rules.

manager

means:

1. the sole principal in a recognised sole practice;
2. a member of a LLP;
3. a director of a company;
4. a partner in a partnership; or
5. in relation to any other body, a member of its governing body

policy

means:

1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 the meaning given in the FCA Handbook; and
2. for the purposes of the SRA Indemnity Insurance Rules and the MTC a contract of professional indemnity insurance made between one or more persons, each of which is a participating insurer, and an authorised body

qualifying insurance

means a policy that provides professional indemnity insurance cover in accordance with the MTC but only to the extent required by the MTC