SRA Update
Changes to the Accounts Rules
SRA Update Issue 6 – October 2008
You need to be aware of the Accounts Rules changes which came into effect from 14 July this year relating to the prompt return of surplus client funds or reporting to clients if their funds are retained.
In this connection, you need to check the rule changes which introduce specific obligations—new rules 15(3) and 15(4).
Amendments to rule 22 also permit solicitors to deal with the withdrawal of smaller residual client balances themselves, without recourse to the SRA, subject to various safeguards.
For the latest version of the Solicitors' Accounts Rules 1998, visit sra.org.uk/accounts-rules.