The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name


Status

This mandatory statement prescribes the types of organisations where solicitors, RELs and RFLs who work in them can hold client money in their own name, pursuant to paragraph 4.3 of the SRA Code of Conduct for Solicitors, RELs and RFLs.

It also prescribes the terms that the SRA has determined should apply to the holding of client money in their own name by any such solicitors, RELs and RFLs.

Introduction

Paragraph 4.3 of the SRA Code for Solicitors, RELs and RFLs permits solicitors, RELs and RFLs to hold client money in their own name in certain limited circumstances, including if they work in an organisation of the kind prescribed by the SRA under the rule.

This statement sets out:

  • the type of organisations prescribed by the SRA;
  • and the relevant terms.

This statement may be revised or updated from time to time.

Prescribed organisations

For the purposes of paragraph 4.3 of the SRA Code for Solicitors, RELs and RFLs, you are permitted to hold client money in your own name if you are a solicitor. REL or RFL working in a non-commercial body. A non-commercial body is defined in the SRA Glossary as body that falls within section 23(2) of the Legal Services act 2007 (a "Prescribed Organisation").

Prescribed terms that apply

If you work in a Prescribed Organisation and you wish to be able to hold client money, you must comply, and make sure that the Prescribed Organisation complies with, the following terms. Please note that all defined terms referred to below are set out in the SRA Glossary.

Prescribed terms

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The prescribed organisations and terms under which Solicitors, RELs and RFLs are allowed to hold client money in their own name

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