Dealings with client money

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

Glossary terms

client money (overseas)

means money held or received by your overseas practice:

  1. relating to services delivered by your overseas practice to a client;
  2. on behalf of a third party in relation to services delivered by your overseas practice (such as money held as agent, stakeholder or held to the sender's order);
  3. as a trustee or as the holder of a specified office or appointment;
  4. in respect of fees and any unpaid disbursements if held or received prior to delivery of a bill for the same

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


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

overseas client account

means an account at a bank or similar institution, subject to supervision by a public authority, which is used only for the purpose of holding client money and the title, designation or account detail allow the account to be identified as belonging to the client or clients of a solicitor or REL, or that they are being held subject to a trust

accounting records
means all reconciliations, bank and building society statements (paper or electronic), original passbooks, signed letters of engagement with reporting accountants, the accountants' reports (whether qualified or not), any client's written instructions to hold client money other than in accordance with these rules, records and documents, including electronic records, relating to any third party managed accounts and any other records or documents necessary to show compliance with the SRA Accounts Rules

includes a sum in lieu of interest