Shortfall in statutory trust account

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

Guidance

Guidance

How we deal with money when we intervene (Statutory Trusts)

This guidance is to help you understand your obligations and how to comply with them. We may have regard to it when exercising our regulatory functions.

Glossary terms

statutory trust monies

means the monies vested in the Society under the statutory trust.

reconciled list

means a list of beneficial entitlements to statutory trust monies created from a set of reconciled accounts

best list

means a list of potential beneficial entitlements to statutory trust monies which, in cases where it is not possible to create a reconciled list, is, in the view of the SRA, the most reliable that can be achieved with a reasonable and proportionate level of work taking into account the circumstances of the intervention and the nature of the evidence available

SRA

means the Solicitors Regulation Authority

statutory trust account

means an account in which statutory trust monies are held by the Law Society following an intervention

beneficiary

means a person with a beneficial entitlement to funds held by the Law Society on statutory trust