Operation of a client's own 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

Statement of our position regarding firms operating a client’s own account

A firm’s ability to comply with rule 10 of the new SRA Accounts Rules.

Glossary terms

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

bank

has the meaning given in section 87(1) of the SA

building society

means a building society within the meaning of the Building Societies Act 1986

costs

means your fees and disbursements