Client accounting systems and controls

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

Helping you keep accurate client accounting records

This guidance helps you to understand ways in which you might comply with these obligations, as well as providing wider best practice advice.

Joint accounts and record keeping

This guidance will help you think about the types of joint accounts that you may operate and the records which you need to keep in order to comply with the 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

client money

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

authorised body

means:

  1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
  2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice
client account

has the meaning given to it in the SRA Accounts Rules

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

COFA

means a compliance officer for finance and administration and in relation to a licensable body is a reference to its HOFA

manager

means:

  1. the sole principal in a recognised sole practice;
  2. a member of a LLP;
  3. a director of a company;
  4. a partner in a partnership; or
  5. in relation to any other body, a member of its governing body
costs

means your fees and disbursements