Client money must be kept separate

You are reading current version in effect from 25 November 2019
Guidance (2) Glossary terms (6)

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Accounts & finance
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You are reading current version in effect from 25 November 2019

Guidance

Guidance

Improper use of client account as a banking facility - Warning notice

Warning notice: How to prevent your firm’s client bank account being improperly used as a banking facility.

Taking money for your firm's costs - Guidance

Guidance: For all SRA-authorised firms and individuals that receive money and assets from clients and third parties and use that money to pay fees and disbursements.

Glossary terms

client money

has the meaning given in rule 2.1 of the SRA Accounts Rules

authorised body

means:

  1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
  2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice
mixed payments

means a payment that includes both client money and non-client money

client account

has the meaning given to it in the SRA Accounts Rules

costs

means your fees and disbursements

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate