Client money and assets

You are reading current version in effect from 25 November 2019
Guidance (3) Glossary terms (3)

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Accounts & finance
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You are reading current version in effect from 25 November 2019

Guidance

Guidance

Helping you keep accurate client accounting records - Guidance

Guidance: Understand your obligations under the SRA Accounts Rules to keep accurate accounting records relating to the receipt and handling of client money.

Joint accounts and record keeping - Guidance

Guidance: Understand the types of joint accounts that you can operate and the records which you will need to keep in order to comply with the SRA Accounts Rules.

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

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

financial benefit
includes any commission, discount or rebate, but does not include your fees or interest earned on any client account
asset

includes money, documents, wills, deeds, investments and other property