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The New Solicitor Accounts Rules 2019

Data Law Limited

Summary

Price
£120 inc VAT
Or £40.00/mo. for 3 months...
Study method
Online
Duration
1 hour · Self-paced
Qualification
No formal qualification
Additional info
  • Tutor is available to students

Overview

Learning Outcomes

  • On completion of this session viewers will:
  • • Have a greater understanding of the New SRA Solicitor Accounts Rules
  • • Be aware of the importance of a risk-based approach to compliance and how this has impacted the Solicitor Accounts Rules 2019
  • • Have analysed the similarities and differences between the old and new rules

What is the target audience?

  • All partners, COFAs and legal finance staff
  • All staff should be aware of the SRA Solicitors Accounts Rules and may wish to view this course

Description

The New SRA Accounts Rules, coming into force on 25th November 2015, are the product of a three-phase review process which has seen the rules move away from their “prescriptive and restrictive” nature to focussing on key principles and requirements for keeping client money safe.

Reduced to only 13 rules, the New Accounts Rules make it easier for new firms to enter the market and focus on higher risk areas rather than “technical breaches” of the rules.

During this 1-hour session accountant Robert Blech of MHA Macintyre Hudson will discuss some of the key changes contained within the New SRA Solicitor Accounts Rules, including the separation of client and “firms” money, ensuring residual balances are repaid to the client at the end of a matter and firms not acting as bankers, by only using client monies for its “intended purpose”.
This session will consider the following:
• New focus on risk
• The new framework and compliance structure
• Who is bound by the new rules
• Client monies and client account
• The payment of interest to clients under the new rules
• The importance of systems and controls
• Preparation of client bank reconciliations
• Dealings with other money belonging to clients or third parties
• Important omissions from the new rules
• What your firm should do now

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Legal information

This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body's logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.
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