Withdrawals from client account

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Guidance

Guidance

Risk factors in personal injury claims

This Warning Notice is relevant to solicitors and all regulated persons who take personal injury referrals from third parties, work closely with them or act on their instructions.

Granting authority to withdraw residual client balances

This guidance explains how we make decisions to grant authorisation to a firm to withdraw amounts over £500 from client accounts.

Withdrawal of residual client balances

Use this form to apply for an authority to withdraw funds from client account for balances of £500 and over.

The prescribed circumstances in which you can withdraw client money from client account to pay to a charity of your choice

A residual client account balance is money that you have not returned to your client at the end of a retainer and it is now difficult for you to do so as you cannot identify or trace the client.

Glossary terms

client money

has the meaning given in rule 2.1 of the SRA Accounts Rules

client account

has the meaning given to it in the SRA Accounts Rules

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

SRA

means the Solicitors Regulation Authority

prescribed

means prescribed by the SRA from time to time