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The New Solicitor Accounts Rules 2019


Data Law Limited

Summary

Price
£100 inc VAT
Or £33.33/mo. for 3 months...
Study method
Online, self-paced
Duration
1 hour
Qualification
No formal qualification
Additional info
  • Tutor is available to students

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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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