The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
SRA Handbook
Rule 50A: Client money
Back to version 21Version 21 of the Handbook was published on 06/12/2018. For more information, please click 'History' Above
Rule 50A: Client money
- 50A.1
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You must comply with this Part if you have held or received client money.
- 50A.2
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In all dealings with client money, you must:
- (a)
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keep client money separate from money which is not client money;
- (b)
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on receipt, pay client money into a client account without undue delay and keep it there, unless the client has agreed otherwise, or it is paid directly to a third party in the execution of a trust under which it is held;
- (c)
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ensure by use of proper accounting systems and processes that client money is used for client's matters only and for the purposes for which it has been paid;
- (d)
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use money held as trustee of a trust for the purposes of that trust only;
- (e)
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establish and maintain proper accounting systems and proper internal controls over those systems to ensure compliance with these rules;
- (f)
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return client money to the person on whose behalf the money is held promptly, as soon as there is no longer any proper reason to retain those funds;
- (g)
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keep accounting records to show accurately the position with regard to the money held for each client and trust for a minimum period of six years;
- (h)
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Account for interest on client money in accordance with rule 22.