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?

Questions and answers are for SRA-authorised firms that receive and hold 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

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


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