SRA Standards and Regulations
Showing 141 results
Found in
SRA Accounts Rules
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...
Found in
SRA Accounts Rules
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: the name of the authorised body; and the word "client" to distinguish it from any other type of account held or operated by the authorised body. You must not use a...
Found in
SRA Accounts Rules
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.
Found in
SRA Accounts Rules
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 which are client money on the client side of the client ledger account; all receipts and payments which are not client money and bills of costs including transactions...
Found in
SRA Accounts Rules
Operation of a client's own account
If, in the course of practice, you operate a client's own account as signatory, Part 2 of these rules does not apply save for: rule 8.2 - statements from banks, building societies and other financial institutions; rule 8.3 - reconciliations; rule 8.4 - bills and notifications of costs.
Found in
SRA Accounts Rules
Obtaining and delivery of accountants' reports
If you have, at any time during an accounting period, held or received client money, or operated a joint account or a client's own account as signatory, you must: obtain an accountant's report for that accounting period within six months of the end of the period; and deliver it to the SRA within six months of the end of the accounting period if the accountant's report is qualified to show a...
Found in
SRA Accounts Rules
Storage and retention of accounting records
You must store all accounting records securely and retain these for at least six years.
Found in
SRA Compensation Fund Rules (Archived)
The object of the Fund
The Fund is a discretionary fund of last resort and no person has a right to a grant enforceable at law. The primary objects of the Fund are: to replace money which a defaulting practitioner or a defaulting practitioner's employee or manager has misappropriated or otherwise failed to account for; and to relieve losses arising from the civil liability on the part of a defaulting practitioner or...
Found in
SRA Compensation Fund Rules (Archived)
Grants which may be made from the Fund
For any grant to be made out of the Fund, an applicant must satisfy the SRA that the applicant is eligible in accordance with rule 4 and (save in respect of a grant made under rule 3.4) has suffered or is likely to suffer: loss in consequence of the dishonesty of a defaulting practitioner or the employee or manager or owner of a defaulting practitioner; or loss and hardship in consequence of a...
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