Protection for client accounts
It includes detailed advice on:
- liability for client money following institution collapse
- the Financial Services Compensation Scheme (FSCS)
- funds held on behalf of clients which could be affected and may be eligible for compensation
- good practice in the event of an authorised deposit-taking institution collapsing
This practice note is relevant to all law firms and sole practitioners authorised by the Solicitors Regulation Authority (SRA).
It is also relevant to individual solicitors, registered European lawyers (RELs) and registered foreign lawyers (RFLs), wherever they practise, to the extent they hold client funds.
The SRA Standards and Regulations 2019 replaced the SRA Handbook from 25 November 2019.
This practice note is the Law Society's view of good practice in this area, and is not legal advice. For more information see the legal status.