The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.

SRA Handbook

Rule 50A: Client money

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Version 17 of the Handbook was published on 12/08/2016. For more information, please click 'History' Above

Rule 50A: Client money


You must comply with this Part if you have held or received client money.


In all dealings with client money, you must:


keep client money separate from money which is not client money;


on receipt, pay client money into a client account without undue delay and keep it there, unless the client has agreed otherwise, or it is paid directly to a third party in the execution of a trust under which it is held;


ensure by use of proper accounting systems and processes that client money is used for client's matters only and for the purposes for which it has been paid;


use money held as trustee of a trust for the purposes of that trust only;


establish and maintain proper accounting systems and proper internal controls over those systems to ensure compliance with these rules;


return client money to the person on whose behalf the money is held promptly, as soon as there is no longer any proper reason to retain those funds;


keep accounting records to show accurately the position with regard to the money held for each client and trust for a minimum period of six years;


Account for interest on client money in accordance with rule 22.