Client money and assets

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



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.

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.

Taking money for your firm's costs - Guidance

Guidance: For all SRA-authorised firms and individuals that receive money and assets from clients and third parties and use that money to pay fees and disbursements.

Glossary terms


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

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

client money

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

authorised body


  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

means prescribed by the SRA from time to time