Identifying beneficial entitlements

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



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


means the Solicitors Regulation Authority

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

statutory trust monies

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

statutory trust account

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


means your own charges or profit costs (including any VAT element)


means any costs or expenses paid or to be paid to a third party on behalf of the client or trust (including any VAT element) save for office expenses such as postage and courier fees


means your fees and disbursements


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

intervened practitioner

means the solicitor, recognised body, licensed body, REL or RFL whose practice or practices are the subject of an intervention


includes a body of persons (corporate or unincorporated)