The SRA has issued some guidance on the situation when a client has approached a firm asking them to hold monies on their behalf, but the firm does not wish to do so.
First of all it is worth pointing out that it is up to the firm to decide whether it has a Client Account. It is also for the firm to decide if it will accept the money. However, there are several factors that might influence that decision.
Here is a link to the reply to the FAQ that the SRA has produced. Go to number 12.
Also the SRA has provided more case studies to help law firms avoid providing Banking Facilities. Here is the link.
Help with SRA Accounts Rules Compliance
We have a team of experts in the SRA Accounts Rules. Please feel free to reach out for advice. They can also provide training for the COFA & COLP and the accounts team. In addition they can also assist with a review of the firm's finances, benchmarking against other law firms (as they are involved in one of the major annual benchmarking exercises for the Legal sector), cashflow forecasting and work on improvement of profitability. We can also assist should there be an SRA inspection or investigation. (The same applies for CLC regulated firms.)
For help, fill in the form below or contact our lead consultant, Ingemar Hunnings: [email protected]