SRA Standards and Regulations
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Found in
SRA Indemnity Rules 2012 (Archived)
Application of the Rules
These Rules shall apply to a practice carried on by: a sole solicitor; an REL practising as a sole practitioner; a recognised body; a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies; a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs; a partnership consisting of one or more RELs with or...
Found in
SRA Indemnity Rules 2012 (Archived)
Conditions
The previous practice and each member thereof shall procure that notice to Solicitors Indemnity Fund Limited shall be given in writing as soon as practicable of: any claim(s) the subject of Rule 8 made or intimated during the relevant indemnity period against it, him or her of any claim for or likely to be for more than £500; or the receipt by it, him or her of notice of any intention...
Found in
SRA Indemnity Rules 2012 (Archived)
Use of information
Without prejudice to the Society's power under Rule 4.5 to designate itself as the person responsible for holding, managing and administering the fund, information and documents obtained by Solicitors Indemnity Fund Limited about any particular practice or member thereof in the course of investigating and handling any claim made or intimated or any circumstances notified as mentioned in Rule...
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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 money
"Client money" is money held or received by you: relating to regulated services delivered by you to a client; on behalf of a third party in relation to regulated services delivered by you (such as money held as agent, stakeholder or held to the sender's order); as a trustee or as the holder of a specified office or appointment, such as donee of a power of attorney, Court of Protection deputy...
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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
Client money must be kept separate
You keep client money separate from money belonging to you or the Prescribed Organisation. You ensure that you allocate promptly any funds from mixed payments you receive to the correct client account or any other accounts operated by the Prescribed Organisation. Where you are holding client money and some or all of that money will be used to pay your costs: you must give a bill of costs, or...
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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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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
Client accounting systems and controls
You keep and maintain accurate, contemporaneous, and chronological records to: record in client ledgers identified by the client's name and an appropriate description of the matter to which they relate: all receipts and payments in your name which are client money on the client side of the client ledger account; all receipts and payments in your name which are not client money on the business...
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