SRA Standards and Regulations
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Client account
You only maintain a client account at a branch (or the head office) of a bank or a building society in England and Wales. You ensure that the name of any client account includes: your name; and the word "client" to distinguish it from any other type of account held or operated by the Prescribed Organisation You must not use a client account to provide banking facilities to clients or third...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Withdrawals from client account
You only withdraw client money from a client account: for the purpose for which it is being held; following receipt of instructions from the client, or the third party for whom the money is held; or on the SRA's prior written authorisation or in prescribed circumstances. You appropriately authorise and supervise all withdrawals made from a client account. You only withdraw client money from a...
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Payment of Interest
You account to clients or third parties for a fair sum of interest on any client money held by you on their behalf. You may by a written agreement come to a different arrangement with the client or the third party for whom the money is held as to the payment of interest, but you must provide sufficient information to enable them to give informed consent.
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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name
Duty to correct breaches after discovery
You correct any breaches of these rules promptly upon discovery. Any money improperly withheld or withdrawn from a client account must be immediately paid into the account or replaced as appropriate.
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SRA Indemnity Fund Rules
Citation
Deleted
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SRA Indemnity Fund Rules
Definitions and interpretation
The SRA Glossary shall apply and unless the context otherwise requires: all italicised terms shall be defined in accordance with the Glossary; terms shall be interpreted in accordance with the Glossary; a reference to a Rule is to a Rule forming part of these Rules, except in relation to Schedule 1 where a reference to a rule is to a rule in the Solicitors' Indemnity Rules 1999; the Schedule...
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SRA Indemnity Fund Rules
Indemnity
Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...
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SRA Indemnity Fund Rules
Exclusions from cover
The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...
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SRA Indemnity Fund Rules
Power to require contributions
Solicitors, RELs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier corresponding...
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