The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Executor, trustee or nominee companiesBack to version 21
Version 1 of the Handbook was published on 16/09/2011. For more information, please click 'History' Above
Rule 28: Executor, trustee or nominee companies
If your firm owns all the shares in a recognised body or a licensed body which is an executor, trustee or nominee company, your firm and the recognised body or licensed body must not operate shared client accounts, but may:
use one set of accounting records for money held, received or paid by the firm and the recognised body or licensed body; and/or
deliver a single accountant's report for both the firm and the recognised body or licensed body.
If such a recognised body or licensed body as nominee receives a dividend cheque made out to the recognised body or licensed body, and forwards the cheque, either endorsed or subject to equivalent instructions, to the share-owner's bank or building society, etc., the recognised body or licensed body will have received (and paid) client money. One way of complying with rule 29 (accounting records) is to keep a copy of the letter to the share-owner's bank or building society, etc., on the file, and, in accordance with rule 29.23, to keep another copy in a central book of such letters. (See also rule 29.17(f) (retention of records for six years)).