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

Investment schemes - Warning notice

Warning notice: This warning notice sets out the dangers of becoming involved in and facilitating dubious investment schemes.

Improper use of client account as a banking facility - Case studies

Case study: Case studies to be read in conjunction with the warning notice on improper use of client account as a banking facility.

Improper use of client account as a banking facility - Warning notice

Warning notice: How to prevent your firm’s client bank account being improperly used as a banking facility.

Do I need to operate a client account? - Guidance

Guidance: Questions and answers for SRA-authorised firms that receive client money in the form of fees and disbursements and want to rely on the exemption not to operate a client account.

Glossary terms

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

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

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

regulated services

means the legal and other professional services that you provide that are regulated by the SRA and includes, where appropriate, acting as a trustee or as the holder of a specified office or appointment