Solicitors' Accounts Manual, 12th Edition

Author: Solicitors Regulation Authority
Publisher: Law Society Publishing
ISBN: 9781907698194
Published In: October 2011
Format: Paperback , 144 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

Description
Contents
Reviews

Details

On 6 October 2011 the biggest change to law firm regulation in decades will come into effect with the introduction of the SRA Handbook.

Significant changes have been made to the SRA Accounts Rules, a key part of the SRA Handbook that outlines the requirements in place to protect client money. Staff with financial responsibilities within solicitors' practices will need to prepare in advance of implementation on 6 October to ensure compliance with the revised Rules.

The fully updated 12th Edition of the Solicitors' Accounts Manual provides the text of the Rules, taking account of key changes made since June 2009 including:

the stipulated appointment of a new role, the Compliance Officer for Finance and Administration (CoFA)
the requirement for firms to have a written policy on the payment of interest to clients to ensure fair and reasonable procedures
clearer delineation between mandatory and explanatory guidance notes
the use of electronic signatures for withdrawals from client accounts and the signing and delivery of bills
greater emphasis on proper governance and the safe-keeping of clients' money
the need for firms to have appropriate systems and controls in place for withdrawals from client accounts
permission for firms to obtain and retain electronic copies of bank statements rather than relying on paper statements
the move from reconciliation every 14 weeks to every 5 weeks.

Reflecting the advent of alternative business structures (ABSs), the Rules emphasise that their application is required for activities that are regulated by the SRA.

Part A: General (Rules 1-13);
Part B: Client money and operation of a client account (Rules 14-23);
Part C: Interest (Rules 24-28);
Part D: Accounting systems and records (Rules 29-33);
Part E: Monitoring and investigation by the SRA (Rule 34);
Part F: Accountants' reports (Rules 35-49);
Part G: Overseas practice (Rules 50-54);
Part H: Commencement (Rule 55);
Appendices.

"If you are a practitioner, or a member of staff with financial responsibilities within law practices, acquire a copy of this concise and authoritative book!"

Phillip Taylor, Richmond Green Chambers