SRA accounts rules changes and case studies

This online event is part of the Risk & Compliance Section offering and free to its members. Section members gain access to a wide range of tools and support to help them navigate, meet and demonstrate compliance with regulatory requirements and best practice for risk management.

Risk and Compliance Section members can attend this online event free of charge.

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The SRA Accounts Rules outline the requirements for SRA authorised firms when receiving and dealing with money belonging to clients. 

This year the SRA asked solicitors for feedback on existing areas of Accounts Rules which are unclear or problematic. Three amendments have now been made addressing: 

-    Firms taking money for costs in advance of work being done

-    Reimbursements for money spent on behalf of the client 

-    Operating a client's own account

The SRA has also updated its guidance on the improper use of a client as a banking facility as well publishing new case studies on the banking facility rule to assist members in this area.

In this session we will clarify what is changing and how members can navigate these changes via practical case studies.