You are here:
  1. Home
  2. Support services
  3. Advice
  4. Practice notes
  5. Telegraphic transfer fees

Telegraphic transfer fees

30 July 2008
Advice to practitioners about what information should be given to clients about charges for telegraphic transfers, and which elements of the fee should be treated as disbursements and which as profit costs.

Legal status

This practice note is the Law Society's view of good practice in this area. It is not legal advice.

Practice notes are issued by the Law Society for the use and benefit of its members. They represent the Law Society's view of good practice in a particular area. They are not intended to be the only standard of good practice that solicitors can follow. You are not required to follow them, but doing so will make it easier to account to oversight bodies for your actions.

Practice notes are not legal advice, nor do they necessarily provide a defence to complaints of misconduct or of inadequate professional service. While care has been taken to ensure that they are accurate, up to date and useful, the Law Society will not accept any legal liability in relation to them.

For queries or comments on this practice note contact the Law Society's Practice Advice Service.

Professional conduct

The following sections of the SRA Handbook are relevant:

The Principles:

1. Uphold the rule of law and the proper administration of justice
2. Act with integrity
4. Act in the best interests of each client
5. Provide a proper standard of service to your clients
6. Behave in a way that maintains the trust the public places in you and in the provision of legal services

SRA Code of Conduct 2011:

Outcome 1.13, ensuring that clients receive the best possible information about the likely overall cost of their matter.

SRA Principles

There are ten mandatory principles which apply to all those the SRA regulates and to all aspects of practice. The principles can be found in the SRA Handbook.

The principles apply to solicitors or managers of authorised bodies who are practising from an office outside the UK. They also apply if you are a lawyer-controlled body practising from an office outside the UK.

Terminology

Must - A specific requirement in the Solicitors' Code of Conduct or legislation. You must comply, unless there are specific exemptions or defences provided for in the code of conduct or relevant legislation.

Should - Good practice for most situations in the Law Society's view. If you do not follow this, you should be able to justify to oversight bodies why the alternative approach you have taken is appropriate, either for your practice, or in the particular retainer.

May - A non-exhaustive list of options for meeting your obligations. Which option you choose is determined by the risk profile of the individual practice, client or retainer. You must be able to justify why this was an appropriate option to oversight bodies.

SDT – Solicitors Disciplinary Tribunal

TT – Telegraphic transfer

The Law Society also provides a full glossary of other terms used throughout this practice note

Sign In or Register

This is premium content

To access premium content login to My Law Society.

Not registered? My Law Society is free and open to all users. Register below.

Not registered?

Registration is free and will only take a couple of minutes.

If you are a member of The Law Society you can use your MySRA account details to register.

Register
Update your contact preferences

Update your details in My Law Society and tell us how you want to hear from us.

Practice Advice Service

The Practice Advice Service provides a dedicated support line for Law Society members and employees of law firms. Call us on 020 7320 5675.

> Contact the Practice Advice Service

Recommended

crowd of people
Law Management Section people in practice conference 2019

Keep up-to-date on the latest in legal human resources and learn how to retain your firm's talent whilst staying competitive.

Law Management Section people in practice conference 2019 > More
property logo
Property Section: half-day conveyancing convention 2019 - Birmingham

An unmissable half-day event taking place in Birmingham for property practitioners covering the important issues affecting modern property practice

Property Section: half-day conveyancing convention 2019 - Birmingham > More
keys on chain
Construction Law for Commercial Property Solicitors Part I

On Monday 11 March 12:30 join us as we introduce you to construction aspects of commercial property transactions and the keys terms and terminology used.

Construction Law for Commercial Property Solicitors Part I > More
Property Community
Property - Your key to success

Our property community offers members access to CPD-accredited events, best practice and advice from specialist residential and commercial practitioners.

Property - Your key to success > More
property logo
Property Section: half-day conveyancing convention 2019 - London

An unmissable half-day event taking place in London for property practitioners covering the important issues affecting modern property practice

Property Section: half-day conveyancing convention 2019 - London > More