The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Rule 2C: Dealings with client moneyBack to version 21
Version 20 of the Handbook was published on 01/10/2018. For more information, please click 'History' Above
Rule 2C: Dealings with client money
on receipt, pays client money (overseas) into a client account (overseas) without undue delay and keeps 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;
establishes and maintains proper accounting systems and proper internal controls over those systems to ensure compliance with these rules;
returns client money (overseas) 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;
accounts for interest on client money (overseas) in accordance with local law and customs of the jurisdiction in which you or your overseas practice are practising and otherwise when it is fair and reasonable to do so in all circumstances.