SRA Accounts Rules and Financial Stability

The SRA Accounts Rules were released in November 2019. Just thirteen rules replacing the previous fifty-two rules! Gone were, for example, the previous timescales and firms had more say in how they applied the rules.

Move on six years! Over the last year there has been so much happening in relation to law firms handling client money including a consultation from the SRA. Then in September last year the SRA said that things were on hold in relation to client money but they would pick it up again later this year. The Ministry of Justice is also involved with the topic of client interest and how some firms are using client interest to ‘prop up’ their firms.

So, where are we up to and what can we expect in the near future?

This webinar forms the third session of five as part of For Legal's dedicated Regulation and Compliance Webinar Day: Navigating SRA Expectations.

The programme covers:-

• Equality, Diversity, Inclusion & Wellbeing (EDI&W)
• Anti-Money Laundering & Sanctions
• SRA Accounts Rules & Financial Stability
• Ethics & Professional Conduct, and
• Technology & Cyber Security

Each webinar is priced at £69 + VAT, giving you the flexibility to attend the sessions most relevant to your role and responsibilities. You can book onto individual webinars or select multiple sessions across the day, depending on your firm’s needs.

• Individual webinars: £69 +VAT per session
• Full day access (EXCLUSIVE OFFER): £250 +VAT per session

EXCLUSIVE OFFER - To celebrate For Media Group's 5th birthday, you can now book the entire day for £250 +VAT, making each webinar only £50 +VAT.

Who this is for:

Law firm compliance professionals, COLPs and COFAs, risk and regulatory managers, Solicitors with compliance responsibilities.

CPD hours:

This live webinar provides you with 1 hour of learning.

Attendees will receive a CPD certificate upon completion of this course.

Learning objectives:

In this session we will learn:

• The SRA Accounts Rules 2019 – a brief overview of the key rules
• Why the SRA conducted the consultation into the handling of client monies
• An update on the Accountants Reports position
• How Rule 2.5 of the SRA Accounts Rules, residual balances and client interest are all connected
• How much of the money in your client account shouldn’t be there – residual balances
• The MOJ and client interest – would your firm survive without client interest and how this affects the financial stability of your firm
• The role of the COFA in all of this
• What happens next