Protection for client accounts

This practice note 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

The SRA Standards and Regulations 2019 replaced the SRA Handbook (2011) from 25 November 2019. Accordingly, this practice note is relevant to all law firms and sole practitioners authorised by the SRA. It is also relevant to individual solicitors, RELs and RFLs, wherever they practise.

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.