The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Rule 50A: Client moneyBack to version 21
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:
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;
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;
Account for interest on client money in accordance with rule 22.