On 6 August 2018, the Solicitors Regulation Authority (SRA) updated its December 2014 warning notice which clarifies the requirements of Rule 14.5 of the SRA Accounts Rules 2011.
In addition, the SRA has also published ten case studies of the most common problem areas. These include:
Firms must be familiar with the content of the warning notice and be prepared to justify to the SRA any decision they make if they decide it is appropriate for the firm to hold or move client money.
The SRA cautions that “Failure to have proper regard to this warning notice is likely to lead to disciplinary action.”
Our specialist team regularly advise and support law firms with SRA Accounts Rules and other regulatory matters.
We can help you to stay compliant – ask us about: